Key data highlights:
- Gross mortgage lending across the residential market in November was £23.1bn, 2.0 per cent lower than November 2017.
- The number of mortgages approved by the main high street banks in November was 10.6 per cent lower than November 2017; approvals for house purchase were 1.2 per cent lower, remortgage approvals were 20.3 per cent lower, and approvals for other secured borrowing were 12.2 per cent lower.
- The £11.3bn of credit card spending in November was 7.5 per cent higher than November 2017. Over the past twelve months, the outstanding level of credit card borrowing grew by 5.3 per cent. Personal borrowing through loans and overdrafts grew by 2.5 per cent in the year to November.
- Personal deposits in total grew by 0.7 per cent over the past twelve months. Deposits held in instant access accounts were 3.1 per cent higher than last November.
Commenting on the data, Eric Leenders, Managing Director, Personal Finance at UK Finance, said:
“Overall mortgage borrowing across the residential property market remains stable and the trend in households’ cash savings remains steady.
“Total credit card spending increased in November, while borrowing growth remains constant compared with November last year. The increase in spending, which is largely offset by cardholder repayments, reflects the growing use of credit cards as a preferred form of payment, particularly in travel, as consumers take advantage of stronger customer protection and value-added benefits.”
Notes to Editors
- For more information please call the UK Finance Press Office on 020 7416 6750 or e-mail firstname.lastname@example.org.
- UK Finance is the collective voice for the banking and finance industry. Representing more than 250 firms across the industry we help drive forward positive change to enhance standards, support customers and promote innovation.
- Data in this update referred to as main high street banks reflects more than two-thirds of all UK lending and deposit activity provided by all banks and building societies and is indicative of household behaviour.