Growth in net lending secured on property has fallen in August compared with July and is also down on the previous six-month average, according to the Bank of England.
The latest lending figures from the Bank also show a fall in net consumer credit compared with July. Total lending secured on dwellings was £8.5bn in August, compared with £8.9bn in July and an average of £9.3bn over the previous six months, possibly indicating a slowing housing market following successive interest rate rises. The number of loans approved for house purchase in August was 109,000, compared with 115,000 in the previous month, while remortgage approvals fell from 100,000 to 96,000. The figures indicate the Bank of England’s recent interest rate hikes are having a dampening ...
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