Bank Lending still positive and increase for Property

The Bank of England’s Lending to Individuals for February 2012 was released this week and reports that the total lending to individuals rose by £1.6 billion in February, compared to the previous six-month average increase of £1.3 billion. The twelve-month growth rate was unchanged at 1.0%.

Within this total lending that secured on dwellings rose by £1.2 billion, compared to the previous six-month average increase of £1.0 billion. The three-month annualised growth rate increased by 0.1 percentage points to 1.2%, while the twelve-month growth rate was unchanged at 0.8%.

This places the total gross lending secured on dwellings at £12.2 billion, compared to the previous six-month average of £12.3 billion. Repayments in February were £11.5 billion, compared to the previous six-month average of £11.6 billion.

The number of loan approvals for house purchase was decreased to 48,986 and was lower than the previous six-month average of 53,777. The number of approvals for remortgaging also decreased to 27,940, and was lower than the previous six-month average of 32,735.

Alec Hanson



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