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BoE survey addresses future of secured lending
The Bank of England’s latest Credit Conditions Survey paints a fairly positive secured lending picture, highlighting that both supply and demand increased slightly in Q3.
Lenders, who were asked about their past three months’ lending and their predictions for the next three months, revealed that not only had the availability of secured credit to households increased slightly in the past, but it also looked set to increase over the next three months.
The BoE stated: “Demand for secured lending for house purchase was also reported to have increased, reflecting a pickup in demand for both prime and buy-to-let lending.”
An increase in the availability of loans with high loan-to-value ratios, defined as those greater than 75pc, was marked by lenders, and this availability was expected to increase in Q4 for the fourth successive quarter.
The survey results showed that default rates for secured and unsecured loans to households had also fallen.
"Lenders expected that a further increase in risk appetite would contribute positively towards credit availability despite expectations that house prices, the cost and availability of funds and a weak economic outlook in general would all act to constrain availability," the survey said.
Despite the small, yet seemingly positive, increase in both demand and supply for residential properties, the response from lenders portrays a ‘somewhat gloomier picture’ for credit demand from the corporate sector than for households, particularly with regard to a fall in interest, reportedly from small and large businesses.
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