Lending to Individuals increases by £1.4 billion in April, say Bank of England

Lending to Individuals increases by £1.4 billion in April, say Bank of England

Mortgage lending has remained static over the last six months, according to figures released by the Bank of England today.  The Lending to Individuals statistical release shows that total lending to individuals increased in April 2012 by £1.4 billion.  Lending secured on dwellings rose by £1.1 billion, which is in line with the six month average.  The twelve-month growth rate is largely unchanged, at 0.8%.
Gross lending secured on dwellings was £11.5 billion in April.  This is a slight fall on March where the figure was £12.5 billion.  This also represents a slight fall against the previous six month average, which is £12.4 billion.  
Repayments fell slightly in April, from £11.6 billion in March to £11.3 billion.  
The number of loan approvals for house purchases was 51, 823 in April.  This represents a rise of 756 compared to March, but is lower than the previous six month average where the number of loans was 53,016.  
These figures are released on the same day as the Building Societies Association announced that gross mortgage lending by building societies rose by 23% annually.  
Mortgage lending is likely to be tightened in the next few months as stresses in the Eurozone continue and the possibility of Greece leaving the Euro increases.  As the cost of lending increases and is passed on to borrowers, it will be interesting to see how these figures change.
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