Mortgage lending continues to slow

The increase in total net lending to individuals in March (£8.2 billion) was below the increase in February and the previous six-month average, according to figures from the Bank of England (BoE). The twelve-month growth rate slowed to 8.7%, and the three-month annualised growth rate slowed by 0.1 percentage points to 7.7%.

Within the total, the increase in net lending secured on dwellings (£6.9 billion) was below the increase in February and the previous six-month average. The twelve-month growth rate slowed further, to 9.1%. The three-month annualised growth rate also slowed, by 0.4 percentage points to 7.5%.

The numbers of loans approved for house(64,000), remortgaging (98,000) and for other purposes (57,000) were all lower than in February and lower purchase than their previous six-month averages.

The increase in net consumer credit in March (£1.2 billion) was below that in February and below the previous six-month average. Net credit card lending rose by £0.4 billion, in line with the increase in February. Netincreased by £0.9 billion, lower than the February increase. The annual growth rate of other loans and advances consumer credit rose by 0.2 percentage points to 6.7%; the three-month annualised growth rate rose by 1.4 percentage points to 8.6%.