There was no surprise whilst reading, in the latest BoE Agents’ Report, that ‘credit availability for Corporates was generally accommodative’. However, ‘some evidence of increased discrimination in lending decisions in a toughening macroeconomic environment’ had me rubbing my chin, questioningly. Not for the smaller business or individual, but, for the giants of business since 2007, such a proclamation seems the stuff of fictional thrillers.
Reading further, it was no surprise to come across ‘there were more reports of transactions falling through due to surveyors down-valuing properties, reflecting concerns about falling prices’. Especially as the statement followed ‘… driven by new market entrants and low funding costs…. competition remained intense …. however, this competition was mainly concentrated on customers with the cleanest credit history.’
All which would have any Surveyor looking to their Red Book, returning snake and ladder fashion, and down-valuing.