In the Bank’s latest Lending To Individuals statistics, however, it also became apparent that total lending to individuals – excluding student loans – fell by £0.1 billion in November, compared to the previous six months’ increase of £0.4 billion.
There was some cause for optimism, though, as the three-month annualised growth rate remained consistent at 0.1 per cent, with the 12-month growth rate evening out at 0.6 per cent.
£11.3 billion of loans were repaid in November, marking a significant increase on the £11.2 billion paid back on average over the past six months.
The month also saw a surge in the number of loans approved for house purchase, as 54,036 approvals were recorded, besting the previous six-month average of 49,206.
The number of remortgage approvals decreased slightly in November to 28,632, but remained well above the previous six-month average of 27,240.
Loans approved for other purchases also saw a small decline, with 14,295 approved in November, some way below the average of 15,983 recorded over the past six months.
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Consumer credit (excluding student loans) increased by £0.1 billion in November in line with the previous six-month average, though the twelve-month growth rate flattened out at 0.0 per cent.
Within consumer credit, credit card lending increased by £0.2 billion whereas other loans and advances decreased by £0.1 billion.
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