Total lending to individuals rose by £1.0 billion in September, in the line with the previous six-month average increase. The twelve-month growth rate increased 0.1 percentage points to 0.9% (Table A).
Within total lending, lending secured on dwellings rose by £0.3 billion, less than the previous six-month average increase of £0.6 billion. The three-month annualised growth rate increased 0.2 percentage points to 0.5% while the twelve-month growth rate was unchanged at 0.6%.
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Gross lending secured on dwellings was £12.2 billion in September (Table B), higher than the previous six-month average of £11.3 billion. Repayments in September were £11.7 billion, higher than the previous six-month average of £11.1 billion.
The number of loan approvals for house purchase (50,967) decreased in September (Table C), but was higher than the previous six-month average (48,460). The number of approvals for remortgaging (34,924) increased in September and was higher than the previous six-month average (31,140). The number of approvals for other purposes (20,102) decreased in September and was less than the previous six-month average (20,480).
Consumer credit rose by £0.6 billion in September (Table D), higher than the previous six-month average increase of £0.5 billion. The twelve-month growth rate increased 0.2 percentage points to 2.5%, the highest since May 2009 (also 2.5%). Within consumer credit, credit card lending rose by £0.2 billion in September and other loans and advances rose by £0.5 billion.
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Notes to Editors
- Full data on lending to individuals are available in Tables A5.2 – A5.7 of Bank of England Monetary and Financial Statistics; these data are consistent with M4 lending, but are more comprehensive (as they include lending by institutions other than banks and building societies). Further information on the definitions of lending to individuals and calculations of growth rates are shown separately.
- The consumer credit data include input from the Office for National Statistics. Historical data, and additional data not presented here, can be accessed from Table 3.2 of their Financial Statistics Freestanding webpage.
- The Statistical Interactive Database provides long runs of statistical data with comprehensive search options and the ability to download in a variety of formats. The series codes are listed in the tables in this release. The additional tables, shown separately, also illustrate the codes for each series which can be used for downloading long runs from the database.
- Consumer credit consists of credit card lending and other loans and advances. Other loans and advances includes loans made through Government student finance schemes. The Student Loans Company pays maintenance loans directly to students termly and, from academic year 2006/07 onwards, tuition fees to Higher Education Institutions on behalf of students who have taken out tuition fee loans. Such tuition fee loans are made in instalments, mainly paid in February and May. Further information on breaks and valuation in consumer credit data can be found in the notes and definitions and annual statistics covering Government student support schemes can be found on the Student Loans Company website.
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Next release date: 29 November 2011