Consumer credit net flow was £0.9bn in February

The Bank of England’s latest money statistics show that the net flow of consumer credit was £0.9 billion in February. There was no additional borrowing on credit cards.

Net mortgage borrowing by households hit £4bn, the same total as in January, giving an annual growth rate of 3.5 per cent.

Meanwhile, mortgage approvals for house purchases rose to 73,500 in February. This compares to 71,300 in January and is the highest number since January 2014. The total value came in at £14.9bn. Remortgage approvals also rose in February, from 52,000 in January to 53,400, at £9.5bn in value.