The annual growth rate of consumer credit has been slowing gradually since its peak of 10.9% in November 2016, falling further to 6.6% in December. Within this, the growth rate of credit card lending, which had until recently been fairly stable, fell to 7.1%. The growth rate on other loans and advances, which has been declining since December 2016, fell further to 6.4%.
Mortgage lending (Tables D and E):
Mortgage market activity has been broadly stable since 2016, and this trend has continued. Households borrowed £4.1 billion secured against property in December, slightly above the average of the previous six-months. Mortgage approvals for house purchase (an indicator of future lending) were around 63,800 in December, unchanged from November, but slightly below their 2018 average of around 65,200.