BoE reports increased lending to individuals

October 30, 2007 by admin  
Filed under News, News-Loans

The Bank of England (BoE) has reported a rise in lending in its Lending to Individuals figures for September this year.

It showed the increase in total net spending to be higher than August by £11.2 billion (0.8 per cent).

Within this figure, net lending secured on dwellings was up by £9.8 billion, up from an £8.5 billion increase in August

The number of remortgaging loans approved in September was up from August at 101,000, with loans for other purposes also on the rise at 67,000

Meanwhile the annualised growth rate increased by 0.1 per cent, despite the twelve-month growth rate seeing no changes, staying at ten per cent.

In related news, the mortgage market has taken a severe blow from recent credit squeeze, with lending at a seven-year low this month, falling 27 per cent last month from September’s figure for 2006.

Experts suggest that this could mark an eventual end to the housing boom and lead to a cool-down in the market and an easing off of house prices.

Tags: bank, News, bank of england, blow, Subprime crisis background information

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