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- The annual growth rate of UK consumer credit slowed further in November, to 7.1%
The annual growth rate of UK consumer credit slowed further in November, to 7.1%
Consumers borrowed an additional £0.9 billion to spend on goods and services in November, in line with the average since July. The annual growth rate of consumer credit slowed further in November, to 7.1%.
Overall, businesses did not borrow much money from banks and capital markets in November: the highest borrowing from banks since July 2017 was offset by net redemptions of bonds.
Within household money, the relative strength of sight deposits compared to time deposits continued in November.
Mortgage market activity has been broadly stable since 2016, looking through month to month changes, and this has continued into November. Households borrowed an extra £3.5 billion secured against their homes in November, slightly lower than the £4.1 billion in October but broadly in line with the average since 2016 of £3.6 billion. The annual growth rate of mortgage lending ticked down to 3.2% in November. It has been around 3% since late 2016, and remains modest compared to the pre-crisis period. The number of mortgages approved for house purchase - which lead to future mortgage lending - fell slightly, to 63,700 in November. The number of approvals for remortgaging was broadly unchanged on the month at 48,600.
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