The gross value of loans secured on dwellings swelled in November to hit £11.6 billion, growing by £100 million when compared with the previous six-month average, according to the latest statistics released by the Bank of England.
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.
.png)
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.
Leave a comment