Consuming lending down in March

The increase in total net lending to individuals in March (£0.9 billion) was lower than the February increase and below the previous six-month average, according to the Bank of England (BoE).

The twelve-month growth rate continued to fall, by 0.4 percentage points to 2.2%, and the three-month annualised growth rate fell by 0.3 percentage points to 1.0%.

Within the total, the increase in net lending secured on dwellings (£0.8 billion) was lower than the February increase and below the previous six-month average. The twelve-month growth rate fell further, by 0.4 percentage points to 2.0%. The three-month annualised growth rate fell by 0.4 percentage points to 1.0%. The number of loans approved for house purchase (39,230) was higher than in February and higher than the previous six-month average. Approvals for remortgaging (31,746) were higher than in February, but below the previous six-month average, and those for other purposes (30,002) were lower than in February and below the previous six-month average.

Consumer credit increased by a net £0.1 billion, unchanged from revised February figures and below the previous six-month average. Net credit card lending increased by £0.3 billion and net other loans and advances fell by £0.1 billion. The annual growth rate of consumer credit continued to fall, to 3.2%; the three-month annualised growth rate fell by 0.4 percentage points to 0.6%.