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Mortgage lending grows 3.3% in May: BoE

Annual growth in mortgage lending remained stable in May, according to the latest figures from the Bank of England.

Growth levels for May were 3.3 per cent and have stayed at around 3 per cent since late 2016.

Households were found to have borrowed an extra £3.9bn against their homes in May, slightly higher than the average of the previous six months.

Of the figures, SPF Private Clients chief executive Mark Harris says: “People who need to move or sell are getting on and doing it, whether that be because of death, divorce or a job move. The slowdown in the market is down to the lack of discretionary movers – they are more likely to sit on their hands and delay making a decision hoping for better value in the future.

“Of course, it is all relative. If you are selling and buying any price movements will affect you both ways but if you have sold, are renting and waiting, then the wait continues.

“Interest rates are not likely to move in the short term at least and the mortgage market remains ultra competitive with lenders vying for market share.”

North London estate agent Jeremy Leaf says: “The modest growth in mortgage lending and approvals confirms what we have been seeing on the ground and in other recent reports for some time.

“At a time of year when we might have expected considerably better figures, activity is slowing as prices reach the peak of affordability in many parts of the country, due to slow wage growth and tighter lending criteria.

“The outcome is fewer listings and a stand-off between what buyers want to pay and sellers are prepared to accept in already uncertain times.”

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Guide: day-to-day tasks ​— can your system manage?

This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. As well as highlighting what is required from a system to ensure it is up to the tasks, an overview of the following is also provided: data validation; data categorisation; employee communication; opt-in process; opt-out process; produce contribution schedule; contribution reconciliation process; upload of member data to pension provider; upload contribution to pension provider; manage salary sacrifice process; enrolment process; re-enrolment process; and management of increased employee queries.

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