Cheap lending costs coupled with ever rising house prices helped push lending secured on dwellings u...
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-month rate of growth in lending now runs at 12.2% the BoE says, compared to the 7.1% rate for deposits.
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