Net lending 'down in May'

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Net lending 'down in May'

Mon 30th Jun 2008

The rise in net lending to UK consumers last month was below that seen in April, according to new figures.

Produced by the Bank of England, the research reveals that total net lending over the 31-day period stood at £5.4 billion.

While the 12-month growth rate had slowed to eight per cent, the three-month annualised growth rate dropped by 1.2 per cent to 5.9 per cent.

Meanwhile, the number of loans approved for the purchase of houses declined to 42,000.

However, net credit card lending experienced a rise of £0.6 billion last month, a larger increase than was seen in April.

According to figures produced by financial education charity Credit Action, the total secured lending on homes at the end of April was £1,207 billion, representing an increase of 8.7 per cent during the last year, while total lending during the month grew by £7.3 billion.

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