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Lending to individuals in August lower than in July says Bank of England

The increase in total net lending to individuals in August at £9.5 bn was below the increase in July and below the previous six month average, according to latest statistics from the Bank of England.

Both the twelve-month growth rate and the three-month annualised growth rate fell by 0.2 percentage points, to 9.9 per cent and 9.2 per cent respectively.

Within the total, the increase in net lending secured on dwellings (£8.5 billion) was also below the increase in July and the previous six-month average. The twelve-month growth rate fell by 0.2 percentage points to 10.8 per cent.

The three-month annualised growth rate also fell, by 0.3 percentage points to 9.8 per cent. The number of loans approved for house purchase (109,000), remortgaging (96,000) and other purposes (64,000) were all lower than in July.

The increase in net consumer credit in August (£1.0 billion) was below the increase in July. Net credit card lending rose by £0.1 billion, slightly below the July increase.

Net other loans and advances rose by £0.9 billion, broadly in line with the increase in July. Both the annual growth rate and the three-month annualised growth rate of consumer credit increased by 0.2 percentage points, to 5.5 per cent and 6.1 per cent respectively.

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