November figures for the main high street banks

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In November, net mortgage lending rose by £2.9 billion; less than in October and below the average for the previous six months.

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Re: November figures for the main high street banks

November figures for the main high street banks


23/12/2008

In November, net mortgage lending rose by £2.9 billion; less than in October and below the average for the previous six months.
The numbers of approvals for all types of mortgage lending were lower than October. Consumer credit remains subdued, rising by just £0.2bn, but personal deposits rose by £3.9bn as products offered by the high street banks attracted funds.
Table containing November 2008 figures seasonally adjusted data mortgage lending consumer credit personal deposits company finance November net change + £2.9 bn + £0.2 bn + £3.9 bn + £1.3 bn (previous month) + £3.3 bn + £0.3 bn - + £50.7 bn previous six month average + £3.5 bn + £0.3 bn + £0.6 bn + £18.7 bn annual growth + 10.3 % + 3.5 % + 4.2 % + 31.3 % amounts outstanding nsa £523.9 bn £106.3 bn £573.5 bn £844.8 bn

BBA statistics director, David Dooks, said of the latest data:

“High street banks are still providing two-thirds of all new mortgage lending, although the overall market continues to shrink. The 1.5% November reduction in Bank Rate caused lenders to re-assess product ranges and borrowers to re-consider future borrowing costs, so consequently there was another drop in market activity. Volumes of mortgage approvals reached new lows and, with house prices still falling, the encouragement of lower costs had not filtered through by the month-end, largely because people remain concerned about the impacts of the rapidly slowing economy on their personal finances.
“There was an increase in deposits, in part reflecting the receipt of savings reclaimed from accounts in Icelandic banks.”
For further information, please contact:
Brian Mairs - Assistant Director, Media (020 7216 8810 brian.mairs@bba.org.uk )
David Dooks - Statistics Director (020 7216 8837 david.dooks@bba.org.uk )

Notes to Editors:

1. The BBA is the leading UK banking and financial services trade association and represents its members, from 60 countries, on domestic and international issues. Our members provide the full range of banking and financial services, operate some 150 million personal accounts, contribute £50bn to the economy and together make up the world's largest international banking centre.
2. The Major British Banking Groups (MBBG) account for some two-thirds of all UK mortgage lending outstanding, provide over half of all consumer credit and, within that, some 70% of all card credit. They include the nine largest retail lenders in the UK: Abbey, Alliance & Leicester, Barclays, Bradford & Bingley, HBOS, HSBC Bank, LloydsTSB, Northern Rock and Royal Bank of Scotland.
3. Net changes in amounts outstanding are consistent with Table A4.3 of the Bank of England's Monetary & Financial Statistics and the comprehensive data for lending to individuals by all lenders due to be released by the Bank of England on 2 January 2009

Related Links

November 08 Monthly Stats Release (PDF)
historical_time_series (MS Excel)

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Re: November figures for the main high street banks

I heard an interesting statistic on the current parlous state of the property market that really puts things into perspective.

My bro supplies the biggest chain of greetings card retailers in the UK (1200 stores) and has access to their sales figures for cards by category. The sales figures for the category for 'New Home' cards, compared to last year, is currently 70% down.