Overview

• Savers deposited a record £14 billion into cash ISAs in April, the largest monthly total since records began in 1999.
• Rumours of a cash ISA cap, elevated interest rates, and frozen personal savings allowances drove many to move funds from easy access accounts into ISAs.
• Chancellor Rachel Reeves has affirmed that the £20,000 annual ISA limit will stay intact and has scheduled a Treasury consultation after the July Mansion House speech to review cash ISA rules.
• Mortgage approvals for home purchases fell for the fourth consecutive month in April, dropping by around 3,100 compared with March.
• Mortgage completions jumped by over 60% year-on-year in the first quarter and average UK house prices climbed to £273,427 in May.