On 29 April 2016, the Bank of England published its latest statistics for March 2016 in its Money and Credit report. The report contains data on broad money and credit, lending to individuals and lending to businesses.
In summary the statistics on lending to individuals is as follows:
- Total lending to individuals increased by £9.3 billion in March, compared to an average of £5 billion over the previous six month period.
- Lending secured on dwellings increased by £7.4 billion, compared with the average of £3.6 billion over the previous six month period.
- The number of loan approvals for house purchase was 71,357 in March, which is broadly in line with the average over the previous six month period. The number of approvals for remortgaging was 41,347, compared with an average of 40,755 over the previous six month period. The number of approvals for other purposes was stated to be 12,875, compared to the average of 12,267 over the previous six month period.
- Consumer credit increased by £1.9 billion, compared to an average of £1.4 billion over the previous six month period. Within consumer credit, credit card lending increased by £0.6 billion in March, compared with an average monthly increase of £0.4 billion over the previous six months. Other loans and advances have also increased by £1.2 billion, compared to the average of £1 billion over the previous six month period.
The Bank of England also published its latest statistics relating to effective interest rates for household deposits, mortgages and personal loans. Both the effective rate paid on households’ outstanding time deposits and the rate for households’ new time deposits decreased in March. Similarly both the effective rate on the stock of outstanding mortgages and the new secured loan rate decreased in March. Finally, the rate on outstanding unsecured personal loans and the new unsecured personal loan rate decreased in this period too.