The increase in total net lending to individuals in May (£5.4 billion) was below the increase in April and the previous six-month average. The twelve-month growth rate slowed further, to 8.0%, and the three-month annualised growth rate fell by 1.2% to 5.9%.
Within the total, the increase of £4.1 billion in net lending secured on dwellings (ie mortgages) was below the increase in April of £6.2 billion and the previous six-month average of £7.1 billion. The twelve-month growth rate slowed further, to 8.2%. The three-month annualised growth rate fell, by 1.1% to 5.7%.
The numbers of loans approved in May for house purchase was 42,000, down from 58,000 in April. The annual total of loans approved for house purchase is now 179,000, a fall of 61,000 from the February level of 240,000.
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% to 7.0%; the three-month annualised growth rate fell by 1.7% to 6.7%.
