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Lending grew by £11.1bn in April, reveals Bank of England

The Bank of England has revealed that total lending to individuals grew by £11.1bn or 1.1% in April.

Seasonally adjusted, it was £0.3bn higher than the increase in March. The three-month growth rate fell to 14.7% from 14.9% in March but the twelve-month growth rate was unchanged at 14.7%.

Secured lending grew by £9.8bn or 1.2% in April, seasonally adjusted, £0.6bn higher than the increase in March. The three-month growth rate rose to 15.4% from 15.2% in March, while the twelve-month growth rate rose to 15.3% from 15.2% in March.

Gross advances were £0.5 billion stronger at £25.4bn. The value of all loans approved was £26.1 bn, £0.5bn weaker than in March and £0.4bn weaker than the average in the three months to March.

The number of loans approved for house purchase in April was 124,000, seasonally adjusted, compared with the average of 127,000 in the three months to March.

Consumer credit grew by £1.3bn or 0.8% in April, seasonally adjusted, £0.3bn weaker than the increase in March.

The three-month growth rate fell to 11.5% from 13.4% in March, while the twelve-month growth rate fell to 12.0% from 12.2% in March. Gross advances were £18.1bn, compared withthe average of £18bn in the three months to March.

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