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Borrowers still interested

4th March 2005 | back to article listings BACK    print this article PRINT

Borrowers seem to be returning, as HSBC's February figures show an upturn in business.

The Index which looks at all mortgages, personal loans and equity withdrawal enquiries at HSBC branches discovered that activity in the three months preceding February was 1.3 per cent higher than the previous quarter.

This is the first quarterly rise since June last year.

Additionally, compared to the figures for the same period last year demand appears to remain stronger with increased borrowing.

John Butler, UK economist with the economics & investment team: said: "This index was first in suggesting that household borrowing stabilised at the end of last year; now it is showing the first tentative signs of a re-acceleration."

However, the data reinforced the widening gap between unsecured and secured borrowing.

In the three months to February, enquiries about unsecured loans were 4.7 per cent down on a year earlier while mortgage enquiries were up by 12.5 per cent - the fastest since last July.

The head of the bank's business economics team, Dennis Turner added: "The January Bank of England figures show that robust growth in personal debt is being sustained. The HSBC Index demonstrates that process to have continued into February and March."

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