BoE figures show lending slowdown

The growth rate of mortgage lending slowed down in November 2002 after a strong October, reveal the latest figures from the Bank of England.

Secured lending outstanding grew by £7.4bn or 1.1% in November, some £0.6bn lower than October&#39s rise.

However, the value of loans approved was £22.4bn, £1bn higher than the average in the three months to October.

The number of loans approved for house purchase in November was 121,000 compared with the average of 118,900 in the three months to October.

There are also signs that the consumer appetite for debt is slowing, as the three month annualised growth rate in consumer credit fell to 14.4% in November from 16.6% in October.

These figures suggest retailers may have experienced a slow run-up to Christmas. Gross advances were £16.3bn, compared with an average £16.4bn in the three months to October.

Total lending to individuals grew by £8.8bn or 1.1% in November, £0.9bn lower than the rise in October.