Bank of England January figures suggest total net lending to individuals increased £10.5bn on December, although the annualised growth rate remained unchanged at 10.3%.
Much of the total increase came from a rise in secured lending – up £9.2bn – which gained on both December and six-month averaged figures.
That sum took the annualised growth rate in this type of lending to 10.6%. The number of loans approved for house purchases remained steady at 122,000 – clearly a different picture to that painted by some sources suggesting the housing market has taken a big step up since the turn of the year.
Approvals of loans for other purposes increased by 3,000, but those for remortgaging fell by 4,000, the Bank states.
Lending in the form of consumer credit stood at £1.3bn in January, with consumers electing to put an extra £0.7bn on their credit cards through the month. Still, the rate of growth in consumer credit continued to fall to an annualised rate of 8.7%, down from 9.4% in December and 10% last November.
Total net lending to individuals stands at £1.2trn the Bank’s figures for January suggest.
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