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Financial News: BoE: Demand For Unsecured Lending To Rise In

BoE: Demand For Unsecured Lending To Rise In Q3

07/12/2018 - 07:15:00 (RTTNews)

(RTTNews) - UK households' demand for unsecured lending is set to increase, while the availability is expected to drop slightly in third quarter, the latest quarterly Credit Conditions survey from the Bank of England revealed Thursday.

Lenders forecast an increase in demand for total unsecured lending in the third quarter. Demand for credit card lending will rise, while there will be a slight decrease for other unsecured lending, the survey showed.

Banks reported that household demand for secured lending for remortgaging increased in the second quarter, and expected demand to increase slightly in third quarter. At the same time, demand for secured lending for house purchase was unchanged in the second quarter, and was expected to remain stable again in next three months.

Lenders reported a significant increase in demand for corporate lending from small businesses in the second quarter, and forecast demand to be unchanged in the third quarter.

On the supply side of lending, survey respondents said the unsecured credit to households was expected to drop slightly in the third quarter. Meanwhile, availability of secured credit was expected to remain unchanged.

Further, the overall availability of credit to the corporate sector was expected to remain unchanged in next quarter. The second quarter survey was conducted between May 21 and June 8.

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