The latest data from the Bank of England showed that growth in consumer credit slowed to six percent in the year to September, the lowest since July 2014.
While mortgage approvals were little changed, credit card borrowing fell to the lowest this year and overall consumer credit growth slowed. The figures also showed that total borrowing by individuals declined to £4.6 billion. Borrowing on credit cards slipped to £114 million the lowest since December. Other loans fell to £714 million.
The net flow of consumer credit was £0.8 billion in September, remaining below the £1.1 billion average since July 2018.
The number of mortgage approvals rose slightly in September to 65,919, according to the latest data from the Bank of England, following a three-month low in August. Remortgage approvals also increased to 49,000, with analysts pointing towards high rates of employment and demand to complete on house purchases before the previous Brexit deadline as contributing factors to the rises.
Net mortgage borrowing by households was little changed at £3.8 billion in September, close to the average of the past three years.
