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Investments Rise as Mortgages Fall

The latest figures from the Bank of England make for interesting reading. The figures for April 2023 show that whilst net borrowing on consumer credit was broadly unchanged from the previous month, mortgages saw net repayments of £1.4 billion. On the other side of the coin, net deposits with banks, building societies and National Savings rose by £5.2 billion.

Within that £5.2 billion there was some movement seen between different types of account. So, whilst Cash ISAs and fixed interest accounts saw a rise of £9 billion and £3.7 billion respectively, this was offset by a reduction in instant access accounts.

Moving away from cash accounts, the Investment Association also reported a rise in investments in April. Overall, the Association reports a total of £2.8 billion invested in funds in the month; with tracker funds leading the way at £1.6 billion followed by bond and money market funds at £1.1 billion. Stocks and share ISAs also saw total new investments of £342 million.

If you are looking for advice on investments, or if your situation has changed and you may therefore need to review your existing pensions or investments, contact Beckworth by using one of the links on our website.

Image by michael maggiore from Pixabay