Lenders in the UK continued to reduce the availability of credit to households in the first quarter of 2009 but there are signs that credit conditions may improve in the quarter ahead.
According to the Bank of England’s (BoE) quarterly Credit Conditions Survey released overnight British lenders expect a small increase in overall credit availability over the coming three months with an improvement in the cost of funds also anticipated.
"The economic outlook was no longer expected to be a factor bearing down on credit availability," the BoE survey said of the lenders' new outlook.
"Improvements in the cost and availability of funds were expected to support increased credit availability over the next three months."
The news comes as building society Nationwide’s latest house price survey found house prices rose by 0.9 per cent during March – the first positive result for house prices in 16 months.
This is welcome news with British house prices having fallen by more than 10 per cent in the past year.
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