Mortgage borrowing falls by £1bn as property market slowdown continues

Data from the Bank of England reveals mortgage borrowing fell from £4.3bn in November to £3.2bn in December. We look at why the housing market is slowing down, and what you can do if you’re worried about your mortgage

Mortgage borrowing falls
(Image credit: Getty images)

The latest data from the Bank of England (BoE) shows a growing number of people are questioning whether now is a good time to buy a house, adding more uncertainty to the property market’s outlook for 2023.

The BoE’s Money and Credit report showed mortgage borrowing fell from £4.3bn in November to £3.2bn in December as fewer people chose to jump on or up the property ladder, likely put off by rising interest rates and double-digit inflation. Mortgage approvals are now at their lowest level since May 2020.

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