The Bank of Englands "Money and Credit" statistics released today show that UK households are at record levels of debt, with individuals now owing £1.43 trillion. These figures could be indicating that people are more willing to borrow as the recovery builds, or that they are having to borrow due to increases in general household bills.
Within the Property aspects of the statistical release, total lending to individuals secured on dwellings was also up by £1.2 billion to £15.7 billion. This was higher than the monthly average over the last 6 months, which was £1.0 billion.
The growth rate of lending secured on dwellings is therefore 1.1% over the 3 months to October and 0.8% over the 12 months from October 2012.
Mortgage approvals for house purchases was also up to 67,701 compared to the 6 month average of 60,685.
However approvals for remortgaging was basically static, although higher than the 6 month average.