Mortgage lending up in November

Total net lending to individuals rose by £1.1 billion in November, according to figures from the Bank of England. The twelve-month growth rate remained at 0.7%. The three-month annualised growth rate was 0.6%, unchanged from a revised 0.6% for October.

Within the total, net lending secured on dwellings increased by £1.5 billion, higher than the October increase of £1.1 billion and the previous six-month average of £0.7 billion. The twelve-month growth rate was 0.9%, unchanged from a revised 0.9% for October. The three-month annualised growth rate increased 0.1 percentage points to 1.2%.

Within total secured lending, secured lending by banks (excluding the effects of securitisations) increased by £4.3 billion, above both the October increase (£3.3 billion) and the previous six-month average of £2.8 billion. The number of loan approvals for house purchase (60,518) was higher than the October figure (57,718) and the previous six-month average; approvals for remortgaging (24,897) were slightly higher than in October but remained below the previous six-month average. The number of loans approved for other purposes (28,131) was lower than both the October figure and the previous six-month average.

Consumer credit fell by a net £0.4 billion, weaker than the previous six-month average of a £0.2 billion fall. Credit card lending increased by £0.2 billion but other loans and advances fell by £0.6 billion. The annual growth rateof consumer credit continued to fall, to -0.5%; the three-month annualised growth rate remained at -2.2%.