Lending to Individuals Turns Negative in July

Figures released today by the Bank of England show that in July:

• Total net lending to individuals shrank by £0.6 billion, showing a net repayment for the first time in the series.
• Total consumer credit contracted by £0.2bn, comprising a £0.1bn expansion in net credit card lending and a £0.3bn contraction in ‘other loans and advances’.
• Total net lending secured on dwellings contracted by £0.4bn.
• There were 50,123 (secured) loan approvals for house purchase.
• 35,206 (secured) loan approvals for remortgaging.
• 27,278 (secured) loans were approved for other purposes.

Data: Bank of England

Similar posts which may be of interest:

1. Secured Lending Expands in September as Unsecured Debt Contracts for Third Straight Month
2. Building Society Gross Lending Increases as Net Lending Falls and Savers Withdraw Funds
3. Building Societies see Net Lending Shrink and Savings Reduced in June
4. Building Society Net Lending Contracts £752 Million in May, Net Savings Shrink £494 Million
5. Building Society Net Lending Declines as Savings Continue to Exit
6. Bank of England: Capital Issuance – August 2009