Secured Lending Expands in September as Unsecured Debt Contracts for Third Straight Month

Latest figures for lending to individuals, released today by the Bank of England, show that in September:

• Total net lending to individuals rose by £0.7 billion, seasonally adjusted.
• Total consumer credit fell by a net £0.3bn, 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 grew by £922million to £1,299.5 billion, seasonally adjusted.
• There were 56,215 (secured) loan approvals for house purchase.
• 25,528 (secured) loan approvals for remortgaging, a near-10% decline from August’s 28,348.
• 27,956 (secured) loans were approved for other purposes.
• Secured lending by banks (excluding the effects of securitisations) increased by £3.5 billion, above both the £2.9 billion increase in August and the six-month average of £2.6bn.

Data: Bank of England.

Similar posts which may be of interest:

1. Lending to Individuals Turns Negative in July
2. Building Society Net Lending Contracts £752 Million in May, Net Savings Shrink £494 Million
3. Building Society Gross Lending Increases as Net Lending Falls and Savers Withdraw Funds
4. Building Societies see Net Lending Shrink and Savings Reduced in June
5. Building Society Net Lending Declines as Savings Continue to Exit
6. Bank of England: Capital Issuance – August 2009