Davy Research

Market comment

UK household credit continues to expand

DAVY VIEW

While UK consumers remain constrained by falling real incomes, the latest money and credit data show household credit has continued to expand at a robust pace. Annual mortgage lending growth was steady at 3% and approvals bounced back in January. Demand for unsecured credit remains undimmed, expanding by 9% on the year as households have leveraged up to make ends meet. Nonetheless, credit demand will soon be tested by higher borrowing rates as the Bank of England embarks on a rate tightening cycle.

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