The British economy has witnessed a noticeable deterioration in recent months, with a rise in the inflation rate in this former country whose colonies extended throughout the world in previous eras.
The British economy witnessed a contraction of 0.5% during the month of July, exceeding expectations for a decline.
In the same context, the rate of delinquencies in British mortgage payments increased, reaching 13% in the second quarter of the year, which is the highest level since 2016.
The Bank of England reported that the amounts of mortgage arrears rose to 16.9 billion pounds sterling, representing an increase of 29% from the previous year, which is the highest level since the third quarter of 2016.
Borrowers failed to make payments equal to at least 1.5% of the outstanding mortgage balance.
Mortgage delinquencies accounted for 13% of total mortgage debt between April and June of this year.
The Bank of England expects a sharp increase in monthly mortgage repayments in the coming months.
In terms of real estate lending, it fell by approximately one-third of lending, reaching the lowest level since the worst of the recession during the Covid-19 pandemic in the second quarter of 2020.
