The twelve-month growth rate continued to fall, by 0.3% to 1.4%, and the three-month annualised growth rate also fell by 0.3%, to 0.6%.
Within the total, the increase in net lending secured on dwellings (£0.3 billion) was lower than both the April increase (£0.9 billion) and the previous six-month average. The twelve-month growth rate fell further, by 0.2% to 1.3%. The three-month annualised growth rate fell to 0.6%.
However, the number of loans approved for house purchase (43,414) was higher than in April and higher than the previous six-month average. Approvals for remortgaging (30,984) and for other purposes (27,933) were lower than in April and below the previous six-month averages.
