People are playing it safe on the housing market too
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Consumers are playing the waiting game with their finances, the British Bankers’ Association has revealed
Due to the uncertainty of the economy, both individuals and businesses are making more of an effort to save their money rather than taking out loans, as a result the demand for loans has been low.
Repayment of previous personal loans has also outstripped borrowing by £181m.
The BBA also reported that people were playing it safe on the housing market.
The lack of demand for home loans is just adds to the evidence to show that consumers are using the safety-first approach, said the BBA.
David Dooks, BBA statistics director, said, ‘Individuals and businesses continue to save more, pay off debt and borrow less as uncertainty about the economy has entrenched a wait and see attitude.’
By Lauren King
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