Bank of England: Net lending to individuals rose in March

Tuesday, May 4th 2010

Net lending to individuals rose during March, the latest figures from the Bank of England have revealed.

Total lending was up by £0.6 billion over the course of the month, while the 12-month growth rate remained unchanged on 0.9 per cent.

There was a £0.3 billion jump in the amount lent that is secured against property, while the number of home loan approvals - 48,901 - climbed above the total for February, but was still lower than the previous six-month average of 54,201.

Credit available to consumers climbed by £0.3 billion and there was a £0.2 billion increase in credit card lending, with the remainder of the increase consisting of money provided through loans and other advances.

Finance provided by mutuals was also higher during March, the Building Societies Association said recently.

It saw gross lending in this area rise by £1.59 billion - a 36 per cent increase on February's figure.