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Financial News: UK Lenders Forecast Rise In Household Loan Defaults

UK Lenders Forecast Rise In Household Loan Defaults In Q1: BoE Survey

01/18/2024 - 07:20:00 (RTTNews)

(RTTNews) - UK lenders expect default rates on both secured and unsecured loans to households to increase in the first quarter, the Credit Conditions Survey from the Bank of England showed on Thursday.

Banks said the default rates on secured and unsecured loans to households increased in the fourth quarter of 2023 and they are set to rise again in the first quarter.

Defaults for credit cards and other loans are also expected to increase in the first quarter.

Further, default rates on loans to businesses of all sizes were unchanged in the fourth quarter. While defaults on loans to small and medium-sized firms are expected to move up slightly, they are set to remain unchanged for large businesses.

The availability of secured credit to households rose in three months to November but lenders said the availability will remain unchanged over the coming quarter.

At the same time, unsecured credit availability to households was unchanged in the fourth quarter but will rise slightly in the first quarter, the survey showed.

The availability of credit to the corporate sector is expected to rise slightly in the first quarter as seen in the preceding period.

While demand for secured lending for house purchases and unsecured lending declined in the fourth quarter, it is forecast to climb in the coming period.

Demand for corporate lending in the first quarter was expected to be unchanged for small and medium-sized businesses, and to increase slightly for large businesses.

The quarterly survey was carried out between November 20 and December 8.

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