Mortgage approvals up in April

The increase in total net lending to individuals in April (£1.3 billion) was higher than the March increase (£0.7 billion) but below the previous six-month average, according to the Bank of England (BoE).

The twelve-month growth rate continued to fall, by 0.3 percentage points to 1.8%, but the three-month annualised growth rate increased by 0.1 percentage points to 1.0%.

Within the total, the increase in net lending secured on dwellings (£1.0 billion) was higher than the March increase (£0.6 billion) but below the previous six-month average. The twelve-month growth rate fell further, by 0.4 percentage points to 1.5%. The three-month annualised growth rate was unchanged at 1.0%. The number of loans(43,201) was higher than in March and higher than the previous six-month average. approved for house purchase Approvals for remortgaging (31,800) and for other purposes (27,916) were lower than in March and below the previous six-month averages.

Consumer credit increased by a net £0.3 billion, below the previous six-month average. Credit card lending increased by a net £0.3 billion and other loans and advances changed little. The annual growth rate of consumer credit continued to fall, to 2.9%; but the three-month annualised growth rate increased by 0.4 percentage points to 0.8%.