Lending to individuals falls by £500m

The Bank of England has reported a fall in net lending in October from both September and the six-month average.

The increase in total net lending to individuals in October was £1.3bn – £500m lower than the September increase and £2.3bn less than the previous six-month average.

The twelve-month growth rate slowed further to 4.7% and the three-month annualised growth rate fell by 0.8% to 1.2%.

Loans approved for house purchase also fell in October
to 32,000 from 33,000 in September while the number of approvals for remortgaging rose to 72,000 from 71,000 the month before.