Cheap loans push lending higher in 3rd quarter, says BoE

Cheap lending costs coupled with ever rising house prices helped push lending secured on dwellings up £14.3bn during the third quarter this year, according to new Bank of England figures published this week. Total lending by banks to individuals grew £19.6bn in the quarter, while overall lending grew £33bn. People did not just spend more, but also saved more, as deposits from individuals grew by £4.6bn. However, the difference in the rate of growth in lending and deposits now means that individuals are borrowing almost twice as much as they are saving. The 12-mon...