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Bank of England reports increased net lending in September

The recent statistics released by Bank of England reveals that the increase in total net lending to individuals in September, which touched GBP11.2 billion, was higher than in August and above the previous six month average of GBP10 million.

The 12-month growth rate was unchanged at 10% and the three-month annualized growth rate rose by 0.1% points to 9.6%. The increase in net lending secured on dwellings GBP9.8 billion was higher than in August and the previous six-month average of GBP9.1 billion.

The twelve-month growth rate was unchanged at 10.9%. The three-month annualized growth rate rose, by 0.1% points to 10.1%. The number of loans approved for house purchase was lower than in August but those for re-mortgaging and other purposes were higher than in August.

The increase in net consumer credit in September, which is GBP1.4 billion, was above the increase in August. Net credit card lending rose by GBP0.3 billion, above the August increase. Net other loans and advances rose by GBP1 billion, in line with the increase in August. The annual growth rate of consumer credit increased by 0.2% points to 5.8% and the three-month annualized growth rate increased by 0.7% points to 7.1%.