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UK consumer credit growth steady, mortgage approvals inch up in June

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UK consumer credit growth steady, mortgage approvals inch up in June

The annual growth rate of U.K. consumer credit, excluding mortgages, was unchanged from the previous month at 8.8% in June, data from the Bank of England showed.

The monthly rate was also steady at 0.7%. Net consumer credit lending was stable at £1.6 billion, slightly higher than the past year's average.

Annual credit card growth was 9.5% in June compared with 8.5% growth for other loans and advances. The BoE noted that credit cards have been accounting for a rising share of consumer credit growth in the past two years, with the growth pace of credit card lending exceeding that of other loans and advances since January.

Mortgage approvals for house purchases edged up to 65,619 in June from 64,684 in the prior month. Remortgaging approvals declined to 47,895 from 51,669 but were still broadly in line with the average over 2018 so far.

Broad money M4, a measure of notes and coins in circulation plus bank accounts, contracted 0.1% in June from May, and grew 3.4% from the year-ago period. The monthly decline was mainly due to a £7.0 billion decrease in the money holdings of nonintermediary other financial corporations. Money held by households increased by £3.7 billion, slightly above the average of recent months.