Roger Evans, Director of Home Finance Distribution, Gatehouse Bank comments on the latest Bank of England Money and Credit Update

Roger Evans, Director of Home Finance Distribution at Gatehouse Bank, comments:

“The UK property market continues to remind us of its resilience. While the overall volume of residential property financing is not at the levels we have seen over the last three years, it is also far from jaded.

“Despite the continuing cost-of-living crisis, a recent report by GfK indicates that consumer confidence in the UK is currently at its highest since April 2022. This coupled with a softening in asking prices in many regions should help underpin activity in the housing market during the opening quarter of 2023.

“The imbalance between housing supply and demand remains, reinforcing the ongoing need for the UK to add to its housing stock. As a nation with a historic and continued commitment to homeownership, building more high-quality homes will help as many people as possible to achieve their ambitions in this regard.”