What do the new mortgage figures tell us about the property market?
Smart Money: With house prices and construction stalling, what’s going on?
The latest figures have led forecasters to downgrade their estimates of mortgage borrowing for the full year.
The drawdown of mortgages by borrowers, and approvals for new mortgages, are running ahead of last year’s levels.
But the figures for June have fallen back significantly from May, leading forecasterss to downgrade their estimates for the full year.