Latest figures from the Land Registry show that the increase in total net lending to individuals in April (£7.3 billion) was below the increase in March and the previous six-month average. The twelve-month growth rate slowed to 8.4%, and the three-month annualised growth rate slowed by 0.3% to 7.1%.
Within the total, the increase in net lending secured on dwellings of £6.4 billion (ie mortgages secured on residential property) was below the increase in March and the previous six-month average. The twelve-month growth rate slowed further, to 8.7%. The three-month annualised growth rate was also down by 0.4% to 7.0%.
The report says that 58,000 mortgages were approved for house purchase in April, down by almost 8% compared with the March total of 63,000 approvals, but those for re-mortgaging (106,000) were higher than in March (98,000).
The increase in net consumer credit in April (£0.9 billion) was below that in March and below the previous six-month average. Net credit card lending rose by £0.1 billion, below the increase in March. Net other loans and advances increased by £0.9 billion, higher than the March increase. The annual growth rate of consumer credit rose by 0.1% to 6.5%; the three-month annualised growth rate rose by 0.2% to 7.7%.
