Bank figures show lending slowdown

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Bank figures show lending slowdown

Tue 29th Apr 2008

The Bank of England has recorded an increase of £8.2 billion in total net lending to individuals for March, which is lower than February's increase and below the previous six-month average.

Within the total, the rise in net lending secured of dwellings, at £6.9 billion, was also below the increase in February and the previous six month average, as was the total number of loans approved for house purchase (64,000), remortgaging (98,000) and other purposes (57,000).

In terms of consumer credit, last months £1.2 billion increase was below the previous six month average and February's rise, although net credit lending increased by the same amount as in the previous month, at £0.4 billion.

Overall, the twelve-month growth rate in lending slowed to 8.7 per cent, while the three-month annualised growth rate decelerated by 0.1 per cent to 7.7 per cent.

In related news, the Bank reduced interest rates by a quarter point to 5.25 per cent earlier this month.

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