The quarterly credit conditions survey by the Bank of England (BoE) suggests that government initiatives to boost spending have enjoyed some success, showing an increase in secured credit to households for the second quarter of 2009 – the first increase since the end of 2007.
The Bank of England say that they expect lenders to make credit more easily available to both households and businesses during the next quarter although they are not expecting a massive pick up in demand during that time.
Lenders have indicated that while they expect a pick up in business loans they are not so optimistic when it comes to the personal mortgage market. Despite the housing market showing small signs of growth and mortgage approvals having picked up from the record lows of last year there is still a general pessimism from the UK public who remain concerned regarding employment and static income.
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