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
Meanwhile, the number of approvals for
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.
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