The latest statistical release from the Bank of England on lending to individuals in May reports that the increase in total net lending of £9.5 billion was higher than the increase in April but lower than the previous six-month average. The twelve-month growth rate fell 0.2% to 10.2%. The three-month annualised growth rate fell by 0.5% to 9.2%.
Within the total, the increase in net lending secured on dwellings (mortgages) of £8.7 billion was below the increase in April and the previous six-month average. The twelve-month growth rate fell 0.2% to 11.2%. The three-month annualised growth rate also fell, by 0.7% to 10.2%. The number of mortgages approved for house purchase (114,000), those for re-mortgaging (111,000) and those for other purposes (74,000) were all higher than in April.
The increase in net consumer credit in May (£0.8 billion) was higher than the increase in April. Net credit card lending fell by £0.2 billion in May, weaker than the £0.1 billion increase in April. Net other loans and advances rose by £1.1 billion (higher than the increase of £0.4 billion in April). The annual growth rate of consumer credit continued to fall, by 0.2% to 5.2%, and the three-month annualised growth rate also fell, by 0.3% to 3.8%.
