Lending continue its steady increase within 2012

Bank of England Lending DataThe Bank of England’s Lending to Individuals figures for January shows a continual trend of steady, albeit slow, increases in lending.

In fact the lending in January was up by £1.8 billion, improving on the 6 month average of £1.1 billion – leaving a 12 month rate of 1.0%, up by 0.1% in the month.

Within this lending the figures where secured on dwellings also by £1.6 billion, again improving on the previous 6 monthly average of £0.8 billion. The 12 month growth rate on lending secured on dwellings was unchanged at 0.8%.

However this is a far cry from the 12 month growth rates seen in the boom of 2003-2004, reaching over 15%, and still below the lows of 4% seen during the late 1990s.

Housing lending totals

The total gross lending secured on dwellings, with the rise of £1.6 billion, now stands at £12.8 billion for January.

Repayments against this secured lending was £11.7 billion, approximately the same as the previous 6 month average of £11.5 billion.

The lending approval figures however were a mixed bag:

  • loans for house purchase (58,728) increased and was higher than the previous six-month average (52,839)
  • loans for remortgaging (31,952) decreased in January, and was lower than the previous six-month average (33,039)
  • approvals for other purposes (19,679) also decreased in January, and was lower than the previous six-month average (20,717)
Alec Hanson

Related posts:

How to get more deals with less effort!
Find deals immediately at no upfront cost to you! By Simon Zutshi One of the quickest wa...
Halifax HPI Reporting much the same
The Halfifax HPI for September reported very much the same as other House price Indices, continuin...
Nationwide sees a 'Modest' increase in UK House Prices
Price of a typical home increased by 0.4% in May and was 1.1% higher than May 2012. The typical UK ...