The Bank of Englands Money and Credit statistics where released this week and show a strong increase in lending to individuals. The figures specific to property, or Dwellings as the bank terms it, are also strong.

The Bank ofBank Money and Credit Englands Money and Credit statistics were released this week and show a strong increase in lending to individuals.

The figures specific to property, or Dwellings as the bank terms it, are also strong.

Key Facts:

  • Lending secured on dwellings was up by £1.7 billion in February 2014
  • Strong increase when compared to monthly average of the previous 6 months of £1.3 billion.
  • Mortgage approvals were down from 125,446 in January to 116,605 in February

Lending secured on dwellings

The 3 month annualised growth rate was 1.6% and the 12 month growth rate was 1.1%. With a £1.7 billion increase in the month of February, this meant that the gross lending secured on dwellings was £17.8 billion.

The total money paid back by individuals was £15.6 billion in February, up by £0.2 billion against the figure in January.

Mortgage Approvals

The number of loans for house purchase was 70,309 in February. This was up against the monthly average over the previous 6 months, but down against the January figure of 76,753.

The loans approved for remortgaging totalled 33,902, down against the monthly average and also that seen in January – both over 35,000.

Loans for other purposes but secured on dwellings, was also down to 12,934 – with a downward trend seen since the back end of last year.