INSIGHTS ¦ Household Finance Review – Q3 2023

Summary
The "Household Finance Review Q3 2023" review provides a comprehensive analysis of the UK's household financial behavior during the third quarter of 2023. Amidst fragile consumer confidence and persistent cost pressures, the report delves into spending, borrowing, and saving trends, highlighting the impact of economic conditions on household finances.
Key Points

Consumer confidence showed signs of recovery in Q3 but remained generally low.
Retail sales contracted unexpectedly by Q3's end, while card spending in travel remained strong.
House purchase lending saw a continued contraction due to affordability barriers.
Mortgage lending was weak across all market segments, particularly at higher LTVs and income multiples.
Savings were further depleted to cover rising monthly bills, without a significant increase in reliance on overdrafts or credit cards.
Arrears rose in Q3, indicating more financial strain on households.
Mortgage refinancing remained robust, driven by competitive r...

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