Lending down in August

1 October 2008

The increase in total net lending to individuals was much lower in August than in July, Bank of England figures reveal.

The Lending to Individuals: August 2008 Statistical Release shows that total lending to individuals grew by £1.4 billion, a significant drop from July’s figure of £4 billion.

The vast majority of this drop was due to a slump in secured loans and other lending secured on dwellings, with the numbers of loans approved for house purchase (32,000), remortgaging (64,000) and other purposes (39,000) all lower than in July.

On the whole, net consumer lending (unsecured loans, credit cards, etc.) actually increased by more in August than it had in the previous month – £1.2 billion, as opposed to July’s £1.1 billion.

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