Lending to individuals up in February

The increase in total net lending to individuals in February (£9.8 billion) was above the increase in January and the previous six-month average, according to figures from the Bank of England (BoE).

The twelve-month growth rate slowed to 8.9% but the three-month annualised growth rate increased by 0.1 percentage points to 7.9%.

Within the total, the increase in net lending secured on dwellings (£7.4 billion) was in line with the increase in January but below the previous six-month average. The twelve-month growth rate slowed to 9.4%. The three-month annualised growth rate also slowed, by 0.2 percentage points to 8.0%. The numbers of loans approved for house purchase (73,000) and remortgaging (111,000) were lower than in January, but those for other purposes (62,000) were higher than in January.

The increase in net consumer credit in February (£2.4 billion) was above that in January and above the previous sixmonth average. Net credit card lending rose by £0.4 billion, above the increase in January. Net other loans and advances increased by £2.0 billion, higher than the January increase.