Bankers group say mortgage lending up

18 March 2004
New figures show mortgage and credit card lending increased last month

The British Bankers' Association has released February lending figures from the Major British Banking Groups (MBBG).

According to the association mortgage lending occurred as usual following the considerably high January figures and results differed from recent trends.

David Dooks, BBA director of statistics, said: "Overall growth in consumer credit in February was little different to the monthly rises over the previous twelve months or so and, although credit card borrowing was stronger than of late."

He added: "this was offset to some extent by weaker demand for personal loans. Increased lending to industry was concentrated in only a few industries, notably real estate companies."

February data showed that total mortgage lending increased by £5.4 billion and card borrowing increased by £300 million. However the number of new personal loans was down compared with normal.

In addition overall net lending for the MBBG saw a rise of £6,143 million last month and other personal credit growth was considerably lower than recent averages, with loans and overdrafts up by just £337 million.