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Mortgage approvals fell in December
The Bank of England has published data on the total net lending to individuals, which rose by £1.2 billion in December. The twelve-month growth rate remained at 0.7%. The three-month annualised growth rate was 0.8%, a 0.1 percentage point increase on a revised 0.7% for November.
Within the total, net lending secured on dwellings increased by £1.2 billion, below the revised November increase of £1.6 billion, but above the previous six-month average of £0.9 billion. The twelve-month growth rate was 0.9%, a fall of 0.1 percentage points from a revised 1.0% for November. The three-month annualised growth rate remained at 1.2%. Within total secured lending, secured lending by banks (excluding the effects of securitisations) increased by £3.0 billion, below the revised November increase (£3.9 billion) but slightly higher than the previous six-month average of £2.9 billion.
The number of loan approvals for house purchase (59,023) was lower than the November figure (60,045) but above the previous six-month average (55,004); approvals for remortgaging (27,276) were higher than in November but remained below the previous six-month average. The number of loans approved for other purposes (26,666) was lower than both the November figure and the previous six-month average.
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