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February lending tops £11 billion

29 March 2007

The amount of money lent to individuals reached its highest level in six months in February, according to new data.

Britons personally borrowed £11.2 billion last month, compared to £10.5 billion in the first month of the year.

In total, £10.3 billion of the money lent out in February was in the form of secured lending against property.

Statistics show that nearly 119,000 loans were made for house purchases, 116,000 were remortgages and 76,000 were defined as being "for other purposes" such as refurbishment.

Credit card lending saw a rise of £0.2 billion in February, increasing by more than it did in January, although the post-Christmas period generally sees a slump in consumer spending and borrowing.

According to Alliance & Leicester, secured lending was the preferred option for homeowners looking to borrow money last year.

Spokesman Chris Rhodes said that consumers "have entered 2007 with a reduced appetite for borrowing and house buying since last summer".

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