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Net Lending to Individuals increased by £5.3 billion

Monday, Feb 29 2016
Total lending to individuals increased by £5.3 billion in January, compared to the average monthly increase of £4.7 billion over the previous six months. The three-month annualised and twelve-month growth rates were 4.2% and 3.5% respectively. Lending secured on dwellings increased by £3.7 billion in January, compared to the average monthly increase of £3.4 billion over the previous six months. The three-month annualised and twelve-month growth rates were 3.4% and 2.8% respectively. 
The number of loan approvals for house purchase was 74,581 in January, compared to the average of 70,221 over the previous six months. The number of approvals for remortgaging was 42,228, compared to the average of 40,306 over the previous six months. The number of approvals for other purposes was 11,900, in line with the average over the previous six months.
 
Sterling is currently being traded few points above 1.3870 level. Pair is likely to find support around 1.38 handle and resistance above 1.39 level. Later today, in the US session, Chicago PMI and Pending Home Sales figures are scheduled for a release.
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