Lending down in May

The twelve-month growth rate slowed further, to 8.0%, and the three-month annualised growth rate fell by 1.2 percentage points to 5.9%.

Within the total, the increase in net lending secured on dwellings (£4.1 billion) was below the increase in April and the previous six-month average. The twelve-month growth rate slowed further, to 8.2%. The three-month annualised growth rate fell by 1.1 percentage points to 5.7%. The numbers of loans approved for house purchase (42,000), remortgaging (90,000) and other purposes (47,000) were all lower than in April.

The increase in net consumer credit in May (£1.4 billion) was above that in April and above the previous six-month average. Net credit card lending rose by £0.6 billion, above the increase in April. Net other loans and advances increased by £0.8 billion, lower than the April increase. The annual growth rate of consumer credit rose by 0.1 percentage points to 7.0%; the three-month annualised growth rate fell by 1.7 percentage points to 6.7%.