Bank of England sees Overall Lending Fall – but an increase for Property Lending

The Bank of England (BoE) this week released its Lending to Individuals for October 2012.

In it, it reports the Total Lending to have fallen by £0.3 bn, compare to the previous six month’s average increase of £0.6 bn.

Within that over lending to individuals however, the lending secured on dwellings – aka property – increased by £0.2 bn. This was a fall against the previous six month’s average, which had seen an increase of £0.5 bn.

This makes the gross lending to individuals to be £11.6 billion in October – against a previous 6 months average of £11.5 bn.

Repayments were £11.1 bn in October, slightly less that the £11.2 bn seen in the last period.

The number of loan approvals for house purchase (52,982) increased in October (Table C) and was higher than the previous six-month average (48,880). The number of approvals for remortgaging (29,358) increased slightly in October and was also above the previous six-month average (27,602). The number of approvals for other purposes decreased slightly in October (14,981) and remained below the previous six-month average (16,484).

Alec Hanson

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