--Jan Result: +Stg972 mln
--Dec Result: +Stg1.019 bln
LONDON (MktNews) - Growth in UK net consumer credit slowed in January while the value of mortgage loans and the number of mortgage approvals both reached record levels, the Bank of England reported Thursday.
Net consumer credit rose by Stg972 million in January, after a rise of Stg1.019 billion in December. This was below market expectations of an increase of Stg 1.2 billion.
A BOE spokesman said there were no special factors in January.
In percentage terms, consumer credit rose 0.8% on the month in January to stand 12.0% above levels a year ago. This was the lowest annual growth rate since April 1995. December saw a monthly gain of 0.8% and a 12.4% increase year-on-year.
Credit card lending rose by Stg301 million, up from Stg194 million in November.
The mortgage data were strong. The total value of mortgage loans approved rose to a record level of Stg11.325 billion following December's Stg10.774 billion. The number of mortgage loans approved also jumped to a record high, to 112,000 from 101,000 in December.
Net mortgage lending picked up slightly, posting a rise of Stg3.680 billion, after an increase of Stg3.375 billion in the previous month.
Final estimates for broad money growth in January showed M4 rising 1.2% on the month (revised from +1.1%) and 9.4% year-on-year. M4 lending was revised up slightly to an increase of Stg9.4 billion from a previously estimated Stg9.3 billion.