The 34th quarterly UK Financial Activity Barometer* produced by GfK NOP for financial and business research consultancy JGFR finds intended housing market and borrowing activity at the lowest level in the nine years of the survey.
This latest survey evidence highlighting the lack of borrowing demand is likely to result in further weakening of house prices in the coming months.
Commented John Gilbert, Chief Executive of JGFR:
“Coupled with the pessimistic outlook of consumers towards their own personal finances and the economy generally, the latest FAB data adds to the picture of a constrained consumer, with expected overall activity, particularly borrowing activity reducing. Prospects for lending businesses and intermediaries involved with the housing market look very challenging; for savings and investment businesses, the outlook is better, although with weaker demand...