Total lending to individuals rose by £1.3 billion in May, compared to the previous six-month average of £1.4 billion. The twelve-month growth rate was unchanged at 1.0% (Table A).
Within total lending, lending secured on dwellings rose by £0.6 billion, compared to the previous six-month average of £1.0 billion. The three-month annualised growth rate decreased by 0.2 percentage points to 0.8% whilst the twelve-month growth rate was unchanged at 0.8%.
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Gross lending secured on dwellings was £12.2 billion in May (Table B), compared to the previous six-month average of £12.4 billion. Repayments in May were £11.7 billion, compared to the previous six-month average of £11.6 billion.
The number of loan approvals for house purchase (51,098) fell slightly in May (Table C) and was lower than the previous six-month average (52,812). The number of approvals for remortgaging (29,244) also decreased in May and was lower than the previous six-month average (30,445). The number of approvals for other purposes were slightly lower in May (18,079) and was lower than the previous six-month average (19,531).
Consumer credit increased by £0.7 billion in May (Table D), compared to the previous six-month average of £0.4 billion. The twelve-month growth rate was 2.4%. Within consumer credit, credit card lending increased by £0.1 billion and other loans and advances increased by £0.7 billion.
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Revisions
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Notes to Editors
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- 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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Information on growth rates and revisions policy.
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Next release date: 30 July 2012