Monday, October 29, 2012

Keeping it going…

UK consumer lending hits 4-year high

Lending to UK consumers rose at the fastest pace in four and a half years in September and mortgage approvals hit a four-month high, according to official data. The figures published by the Bank of England on Monday showed that consumer credit rose by £1.2bn last month, the strongest rise since February 2008 driven by a £893m increase in overdrafts and loans. Mortgages also saw a boost with lenders granting 50,024 last month, compared with 47,921 in August, beating economists surveyed by Bloomberg who forecast 48,700. Mortgage lending grew by £491m, beating analyst forecasts of a £450m.

Posted by hpwatcher @ 11:00 AM (1917 views)
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6 thoughts on “Keeping it going…

  • Exactly, keeping it going. The horrendous truth is so unpalatable better to just keep squeaking along until you, personally, are out of the firing line and just keep your fingers crossed that some miracle happens.

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  • The ridiculous headline has been derived by looking at the data from a very narrow perspective: the relative difference in lending after a small drop.

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    The recent ‘Trends in Lending‘ has a graph that puts the recent data into perspective:

    Image and video hosting by TinyPic

    Lastly, here’s a rather different take on things from the Guardian:
    Mortgage lending suffers 10% dive

    Teh recovereh probably needs a bit more time.

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  • ..consumer credit rose by £1.2bn last month, the strongest rise since February 2008 driven by a £893m increase in overdrafts and loans.

    In other words, these figures could just as easily be interpreted as people beginning to struggle to keep the wolf from the door.

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  • mark wadsworth says:

    “Consumer credit” i.e. non-mortgage lending is chump change compared to mortgage lending, it’s one-seventh as much or something and of course it fluctuates quite strongly from month to month.

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  • Not disputing that, mw. An observation, as is the fact that mortgage approval numbers aren’t budging off a constant low average and M4 is still very muted.

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  • I’m of the same opinion as dill (Monday, October 29, 2012 05:29PM) “driven by a £893m increase in overdrafts and loans” – despite a headline grabbing 0.5% Base rate which everyone has uppermost in their mind overdrafts and loans are ridiculously expensive.

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