Homeowners have 'learnt the lessons of the credit crunch'

Posted: 04 Feb 2010 10:27:44 GMT

UK homeowners have learnt the lessons of the credit crunch, according to one finance expert.

Ed Bowsher, head of consumer finance at lovemoney.com, says that recent figures from the Bank of England's Lending to Individuals report show that homeowners are trying to repair their finances and save, which he believes is "absolutely the right thing to do".

Additionally the report revealed that mortgage lending increased by a figure of £1.2 billion during December in comparison with the previous month.

Mr Bowsher describes this as "a very modest kick upwards", adding that the statistics could be attributable to the fact that there are an increasing number of good mortgage deals coming on to the market.

He states that despite the fact that the recession has officially ended, he does not expect there to be dramatic rises in mortgage lending figures in the immediate future as consumers are "still wary".

The latest Nationwide Consumer Confidence Index recorded a three point increase in January to 73 per cent.

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