Total lending to individuals rose by £0.3 billion in June, compared to the previous six-month average increase of £1.3 billion. The twelve-month growth rate was unchanged at 1.0% (Table A).
Within total lending, lending secured on dwellings fell by £0.4 billion, compared to the previous six-month average increase of £0.9 billion. The three-month annualised growth rate decreased by 0.3 percentage points to 0.3% whilst the twelve-month growth rate was unchanged at 0.8%.
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Gross lending secured on dwellings was £11.0 billion in June (Table B), compared to the previous six-month average of £12.2 billion. Repayments in June were £11.1 billion, compared to the previous six-month average of £11.5 billion.
(1) With the 28 May 2012 bank holiday moving to 4 June and an additional bank holiday on 5 June, to
celebrate the Queen’s Diamond Jubilee, care should be taken when interpreting or comparing the
data points around this period. The seasonal adjustment process has not automatically taken this
effect into account. Once additional monthly data are available, the Bank of England will
investigate the effect and judge whether refinements to the seasonal adjustment process are
The number of loan approvals for house purchase (44,192) fell in June (Table C) and was lower than the previous six-month average (51,993). The number of approvals for remortgaging (24,117) also decreased in June and was again lower than the previous six-month average (29,912). The number of approvals for other purposes were similarly lower in June (15,367) and below the previous six-month average (18,887).
Consumer credit(2) increased by £0.6 billion in June (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 £0.2 billion and other loans and advances increased by £0.4 billion.
(2) Please see Notes to Editors 5 for details of forthcoming changes to consumer credit data
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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 jun. 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.
Information on growth rates and revisions policy.
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Next release date: 30 August 2012