Financial News: UK Lenders To Boost Secured Lending To Households

UK Lenders To Boost Secured Lending To Households In Q2 - BoE

04/11/2024 - 08:15:00 (RTTNews)

(RTTNews) - UK lenders plan to increase the availability of secured credit to households in the second quarter as well as they see an improvement in demand for mortgage lending, the Credit Conditions Survey results from the Bank of England showed on Thursday.

Banks said the availability of secured credit to households rose in three months to February and it will rise again over the coming quarter.

At the same time, the availability of unsecured credit to households is forecast to remain unchanged in the second quarter, as seen in the first quarter.

The overall availability of credit to the corporate sector was unchanged in the first quarter but is seen rising slightly in the second quarter.

Respondents said demand for secured lending and unsecured lending is forecast to increase again in the second quarter.

Meanwhile, demand from small businesses remained unchanged in the first quarter and demand from medium-sized businesses and large firms increased slightly. Demand for corporate lending is forecast to remain unchanged for small, medium and large-sized businesses.

Regarding default, lenders said default rates on secured loans to households and total unsecured lending are set to increase further in the second quarter.

Banks said default rates on loans to corporate rose slightly for small and medium sized businesses and default by large businesses was unchanged. They forecast default by small and medium-sized businesses to rise and that by large businesses to remain unchanged in the second quarter.

The survey was conducted between February 26 and March 15.

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