Lending to individuals rose in February
This is according to Bank of England. The twelve-month growth rate remained unchanged at 0.7%.
Within total lending, lending secured on dwellings rose £1.2 billion, compared to the previous six-month average increase of £1.0 billion. The twelve-month growth rate remained unchanged at 0.7% and the three-month annualised growth rate increased 0.1 percentage points to 0.9%.
Gross lending secured on dwellings was £11.3 billion in February, the same as the previous six-month average. Repayments in February were £11.3 billion, higher than the previous six-month average of £10.9 billion.
The number of loan approvals for house purchase (46,967) increased in February, according to the Bank of England, and was higher than the previous six-month average (46,413). Approvals for remortgaging (35,725) increased in February and were higher than the previous six-month average (31,674), while approvals for other purposes (20,180) fell slightly in February and were lower than the previous six-month average of 22,272.
Commenting, Capital Economics said: “Despite February’s small rise, mortgage approvals for house purchase remain below the level reported in November, before December’s surprise plunge. And looking further back, approvals are just 40% of pre-recession norms.”