The Bank of England’s 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.

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Strong increase in lending to individuals

The Bank of England’s 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 £2.3 billion in August 2014
  • Strong increase when compared to monthly average of the previous 6 months of £2.1. billion.

The three-month annualised and twelve-month growth rates were 2.1% and 1.7% respectively. Gross lending secured on dwellings was £17.5 billion and repayments were £15.6 billion.

 

Mortgage Approvals

The number of loan approvals for house purchase was 64,212 in August, compared to the average of 65,738 over the previous six months.

The number of approvals for remortgaging was 32,273, compared to the average of 31,978 over the previous six months.

The number of approvals for other purposes was 9,804, compared to the average of 10,917 over the previous six months.