BoE releases September lending figures

The yearly growth rate for individual lending remained at ten per cent for September, according to the Bank of England (BoE).

Total net lending to individuals reached £11.2 billion, higher than August’s figures of £9.5 billion. Net credit card lending rose by £0.3 billion and other loans and advances rose by £1 billion.

Meanwhile, the number of approvals for loans for house purchases was 102,000, a decrease from August’s figures of 109,000. However loans for remortgaging and other purposes are on the increase says the BoE.

In response to the figures, Simon Rubinsohn, chief economist for the Royal Institute of Chartered Surveyors said: “This provides further evidence that the housing market is cooling in response to five interest rate increases and the more recent squeeze on credit.”

“We expect further weakness in activity in the coming months,” he added.

The three month growth rate increased by 0.2 per cent in August and 0.1 per cent in September.

© Adfero Ltd

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