The Bank of England has issued its monthly release for October, giving growth rates, amounts outstanding and changes in total lending to individuals, broken down into lending secured on dwellings and consumer credit. The release also includes data on the value and number of approvals secured on dwellings.
The increase of £10.9b in total net lending to individuals in October was higher than the increase in September and the previous six month average. The twelve-month growth rate and the three-month annualised growth rate increased by 0.1%, to 10.4% and 10.3% respectively.
Within the total, residential mortgage lending increased by £9.8b, higher than in September. Both the twelve-month growth rate and the three-month annualised growth rate increased by 0.1%, to 11.3%. The number of loans approved for house purchase (at 128,000), remortgaging (at 101,000) and other purposes (at 77,000) were all higher than in September.
The increase in consumer credit (£1.1b) was higher than in September. Net credit card lending grew by £0.2b in October (lower than the £0.4b increase in September). Net other loans and advances rose by £0.9b (higher than the increase of £0.6b in September). The annual growth rate of consumer credit continued to fall, to 6.2% in October, and the three-month annualised growth rate was unchanged at 5.6%.
