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Household lending hits pre-crash highs


Household lending hits pre-crash highs

 The BBA has released figures on the latest household borrowing trends, revealing that the number of mortgage approvals has risen above 70 per cent for the first time since the crash…


Research conducted by BBA has found that although approvals for house purchase in 2013 were only around half the annual number and value of decades prior to 2007, the proportion of customers with repayment mortgages has risen by more than eight per cent in four years. For the first time since pre-credit crisis this is above 70 per cent. 
 

Research showed that liquid assets of households, other than equity in life assurance and pensions, has risen to a historic high of almost £2 trillion, while household borrowing has levelled off in recent years, as shown in this BBA chart: 

 
The BBA also reported that the steep rise in consumer credit activity has reflected household finances and confidence.

The banking sector’s association stated that the demand for bank loans and overdrafts was much reduced in the years after the recession. A maintained level of customer repayments generated a contraction of more than 20 per cent in borrowing stocks since peaking in 2008. 

The BBA has been compiling data for more than 30 years and is now segmenting its information into three statistical abstracts, household banking, banking sector structure and business banking. 
 



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