Mortgage approvals hit a two-year high
Buyers moved before an expected change to lending rules
Mortgage approvals reached their highest level in two years in August as buyers moved ahead of an expected tightening of affordability rules.
Similar programs at rival firms have produced mixed results. In one well-known case, adoption exceeded projections within a year; in another, integration problems pushed the expected benefits back by almost eighteen months.
A survey of 400 mid-sized companies by the Meridian Institute found that 58 percent plan to increase their technology budgets next year, the highest share since 2021, even as most expect overall spending to stay flat.
Customers have welcomed the change. "Anything that shortens the time between order and delivery is good for us," said Claire Mahoney, whose distribution business employs about 120 people and works with Oakhaven Bank in three regions.
What the rules would change
The project had stalled twice before, most recently last year, when a change in leadership at Oakhaven Bank put several initiatives on hold. This time, the company says, the budget is approved and the contracts are signed.
The move comes as the sector adjusts to a year of slower growth. Analysts at the Meridian Institute estimate that spending in the category rose just 3 percent in the first half, compared with 11 percent a year earlier.
"The companies that will come out of this stronger are the ones that treated the slowdown as a chance to fix their cost base, not as a reason to freeze," said Claire Mahoney, who follows the industry for the Meridian Institute.
Written by
David Achebe