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NOT FOR PUBLICATION UNTIL 09:30 ON 4 MAY 2004
Lending to individuals: March 2004
Growth rates of seasonally adjusted data (%) (a)
Total Secured on dwellings Consumer credit
1 month 3 month 12 month 1 month 3 month 12 month 1 month 3 month 12 month
annualised annualised annualised
2003 Dec 1.1 14.6 14.4 1.2 15.7 14.9 0.5 9.9 12.2
2004 Jan 1.2 14.4 14.5 1.2 15.2 15.0 1.2 10.7 12.4
Feb 1.2 14.5 14.6 1.2 15.2 15.1 1.0 11.3 12.3
Mar 1.1 14.8 14.6 1.2 15.1 15.2 1.0 13.2 12.2
(a) Figures shown in bold italics indicate revisions in excess of certain thresholds compared with data published on 29 March -
see Notes to Editors 3. Revisions are not highlighted this month for total lending to individuals or for lending secured on
dwellings on account of the revisions to the Other Specialist Mortgage Lenders reporting population - see Notes to Editors 1.
Growth rates of seasonally adjusted lending secured on Growth rates of seasonally adjusted consumer credit
dwellings
Per cent Per cent 19
19
18 18
17 17
16 16
15 15
14 14
13 13
12 12
11 11
10 10
9 9
May
May
2002 Mar
Jul
Sep
Nov
2003 Jan
Mar
Jul
Sep
Nov
2004 Jan
Mar
May
May
2002 Mar
Jul
Nov
Mar
Jul
Nov
Mar
Sep
2003 Jan
Sep
2004 Jan
3 mth ar 12 mth 3 mth ar 12 mth
Total lending to individuals grew by £11.0 billion or 1.1% in March, seasonally adjusted, similar to the increase
in February. The three-month (annualised) growth rate rose to 14.8% from 14.5% in February but the twelve-month
growth rate was unchanged at 14.6%.
Secured lending grew by £9.3 billion or 1.2% in March, seasonally adjusted, similar to the increase in February.
The three-month (annualised) growth rate fell to 15.1% from 15.2% in February but the twelve-month growth rate
rose to 15.2% from 15.1% in February. Gross advances were £0.6 billion weaker at £24.8 billion. The value of all
loans approved was £26.8 billion, similar to that in February and the average in the three months to February. The
number of loans approved for house purchase in March was 127,000, seasonally adjusted, compared with the
average of 129,000 in the three months to February.
Consumer credit grew by £1.7 billion or 1.0% in March, seasonally adjusted, similar to the increase in February.
The three-month (annualised) growth rate rose to 13.2% from 11.3% (11.5%) in February. The twelve month
growth rate fell to 12.2% from 12.3% (12.5%) in February. Gross advances were £18.0 billion, compared
with the average of £17.8 billion in the three months to February.
(Previous data published on 29 March are shown in brackets for consumer credit but are not shown for total lending to
individuals or for lending secured on dwellings on account of the revisions to the Other Specialist Mortgage Lenders
reporting population. See Notes to Editors 1.)
Next publication date: 2 June 2004
Gross lending to individuals
seasonally adjusted
£ millions
45000
40000
35000
30000
25000
20000
15000
10000
5000
0
Mar-95 Sep-95 Mar-96 Sep-96 Mar-97 Sep-97 Mar-98 Sep-98 Mar-99 Sep-99 Mar-00 Sep-00 Mar-01 Sep-01 Mar-02 Sep-02 Mar-03 Sep-03 Mar-04
lending to individuals secured on dwellings consumer credit
Net lending to individuals
seasonally adjusted £ millions
12000
10000
8000
6000
4000
2000
0
Mar-95 Sep-95 Mar-96 Sep-96 Mar-97 Sep-97 Mar-98 Sep-98 Mar-99 Sep-99 Mar-00 Sep-00 Mar-01 Sep-01 Mar-02 Sep-02 Mar-03 Sep-03 Mar-04
lending to individuals secured on dwellings consumer credit
TOTAL LENDING TO INDIVIDUALS £ millions
Seasonally adjusted
Net lending
Banks Building Other Retailers Other Total of which:
(a) societies specialist (a) (a) (c)(d) secured consumer
(a) lenders (a) (b)(c) on dwellings (c) credit
LPM VTUR VTUS VTUT AGTT VTUU VTUV VTVJ RLMH
2003 Mar 1 658 918 8 836 - 21 - 13 9 261 7 600 1 661
Apr 5 071 1 214 1 199 - 21 -6 9 217 7 777 1 440
May 5 443 1 571 3 365 - 43 8 9 784 7 808 1 976
Jun 3 892 2 069 4 021 - 232 13 9 885 8 195 1 689
Jul 8 354 1 542 1 508 -8 26 10 164 8 468 1 696
Aug 5 740 1 457 697 21 19 9 815 8 266 1 550
Sep 5 937 1 891 5 084 - 35 16 11 287 9 669 1 618
Oct 7 347 2 395 590 - 10 11 11 169 9 555 1 614
Nov 3 848 1 985 6 840 35 -1 10 527 9 078 1 448
Dec 5 695 1 479 1 831 - 17 15 9 968 9 049 919
2004 Jan 5 123 1 308 4 184 - 26 - 38 11 040 9 081 1 959
Feb 6 204 1 441 1 238 - 45 - 26 10 998 9 302 1 696
Mar 4 600 1 251 7 987 - 34 - 27 11 025 9 341 1 684
Amounts VZQD VZQE VTXA RLBO VTXB VTXC VTXK VZRI
outstanding 649 029 146 904 173 510 2 094 3 076 973 699 800 158 173 542
LENDING SECURED ON DWELLINGS £ millions
Seasonally adjusted
Gross lending Value of No. of apps.
all loans for house
approved purchase
(000s)
Banks Building Other Other Total Banks Building Total Total
societies specialist (c) societies (including (including
lenders (c) OSLs) (c) OSLs) (c)
LPM VTVA VTVB VUFK VUFL VTVC VTVO VTVP VTVQ VTVX
2003 Mar 15 639 3 334 2 662 66 21 701 14 842 3 780 20 916 99
Apr 15 302 3 381 2 778 57 21 519 16 180 3 783 22 403 101
May 15 360 3 553 2 700 41 21 654 15 120 3 898 21 608 102
Jun 15 261 3 687 2 819 19 21 787 15 965 4 229 22 965 108
Jul 15 345 3 738 2 815 23 21 921 16 905 3 917 23 592 112
Aug 16 191 3 593 2 924 25 22 732 18 776 4 630 26 341 121
Sep 17 521 4 204 3 096 27 24 847 19 209 5 184 27 848 129
Oct 17 400 4 636 3 263 30 25 330 18 875 5 159 27 544 128
Nov 17 928 4 741 3 466 34 26 170 19 190 4 930 27 720 131
Dec 17 647 4 066 3 512 36 25 261 18 532 4 481 26 982 133
2004 Jan 17 761 4 103 3 502 35 25 401 18 774 3 997 26 377 128
Feb 17 775 3 988 3 646 34 25 443 18 625 4 415 26 861 127
Mar 17 351 3 779 3 637 33 24 800 18 318 4 282 26 815 127
Amounts VTXN
outstanding 12 212
Acquisitions and disposals: Mortgage
Net lending portfolios (not seasonally adjusted)
Banks Building Other Other Total Banks Building Other Other
(a) societies specialist (a) (c)(d) societies specialist
(a) lenders (a) (b)(c) lenders
LPM VTVH VTVI VUFM VUFN VTVJ VUJB VUJC VUJD VUJE
2003 Mar 1 136 987 8 097 9 7 600 - 7 192 - 7 192 -
Apr 4 608 1 199 367 9 7 777 252 - - 252 -
May 3 657 1 461 3 305 14 7 808 - 2 553 - 2 553 -
Jun 3 925 2 017 3 260 19 8 195 - 2 152 350 1 802 -
Jul 4 639 1 500 1 182 28 8 468 270 - - 270 -
Aug 4 810 1 353 658 31 8 266 - 53 80 - 27 -
Sep 4 621 1 847 3 984 29 9 669 - 2 200 - 2 200 -
Oct 5 190 2 372 691 16 9 555 356 - - 356 -
Nov 3 504 2 013 6 160 8 9 078 - 4 363 - 4 363 -
Dec 4 297 1 522 1 982 - 1 9 049 - 224 - 224 -
2004 Jan 4 157 1 385 4 167 - 11 9 081 - 3 200 - 3 200 -
Feb 4 897 1 497 1 267 - 15 9 302 111 71 - 182 -
Mar 4 189 1 301 6 820 - 15 9 341 - 5 312 - 5 312 -
Amounts VTXI VTXJ VUFO VUFP VTXK
outstanding 522 498 146 303 130 994 2 053 800 158
Notes at end of table
CONSUMER CREDIT £ millions
Seasonally adjusted
Gross lending
Banks Building Other Retailers Insurance Total of which:
societies specialist companies (d) credit other
lenders card
LPM VZQJ VZQK VZQL RLCT VZQM VZQN VZQO VZQP
2003 Mar 13 692 425 2 458 392 15 16 805 10 656 6 125
Apr 13 732 392 2 373 371 14 16 760 10 754 6 049
May 13 983 390 2 382 395 13 17 193 10 981 6 133
Jun 14 088 421 2 487 324 10 17 144 11 121 6 115
Jul 14 030 403 2 432 310 6 17 346 11 168 6 119
Aug 14 180 430 2 384 311 5 17 336 11 294 6 095
Sep 14 383 432 2 351 309 5 17 575 11 530 6 161
Oct 14 363 421 2 380 317 8 17 613 11 600 6 097
Nov 14 502 426 2 372 320 11 17 614 11 403 6 207
Dec 14 333 436 2 353 304 12 17 483 11 181 6 015
2004 Jan 14 559 454 2 505 217 12 17 810 11 629 6 204
Feb 14 804 484 2 577 289 11 18 031 11 732 6 289
Mar 14 883 439 2 567 289 9 18 043 11 917 6 124
Net lending
Banks Building Other Retailers Insurance Total of which:
(a) societies specialist (a) companies (d) credit other
(a) lenders (a) (a) card
LPM VRZZ VZQU VZQV AGTT VZQW RLMH VZQX VZQY
2003 Mar 1 368 20 739 - 21 - 20 1 661 631 1 031
Apr 827 23 832 - 21 - 11 1 440 680 760
May 1 523 7 60 - 43 -3 1 976 839 1 137
Jun 1 394 29 762 - 232 1 1 689 728 962
Jul 1 512 16 326 -8 -3 1 696 665 1 031
Aug 1 121 13 39 21 -8 1 550 722 827
Sep 1 019 19 1 100 - 35 - 11 1 618 831 786
Oct 1 423 - - 101 - 10 - 13 1 614 685 929
Nov 1 166 1 681 35 - 12 1 448 496 952
Dec 1 072 19 - 151 - 17 - 12 919 217 702
2004 Jan 1 519 9 17 - 26 - 11 1 959 756 1 203
Feb 1 588 -1 - 29 - 45 - 11 1 696 566 1 130
Mar 880 14 1 167 - 34 - 12 1 684 963 721
Amounts VRVV VZRG VZRH RLBO VZQZ VZRI VZRJ VZRK
outstanding 127 165 756 42 516 2 094 1 015 173 542 54 029 119 513
Acquisitions and disposals: Consumer credit portfolios
Not seasonally adjusted
Banks Building Other Retailers Insurance
societies specialist companies
lenders
LPM VUJF VUJG VUJH VUJI VUJJ
2003 Mar - 500 - 500 - -
Apr - 637 - 637 - -
May - - - - -
Jun - 366 - 599 - 233 -
Jul - 250 - 250 - -
Aug - - - - -
Sep - 928 - 928 - -
Oct - - - - -
Nov - 500 - 500 - -
Dec - - - - -
2004 Jan - 20 - 20 - -
Feb - - - - -
Mar -1 154 - 1 154 - -
(a) Series may be affected by acquisitions/disposals of mortgage or consumer credit portfolios. For effects see acquisitions and disposals.
(b) These series have not been seasonally adjusted as after examination they were found not to be significantly seasonal. These series will, however, be reviewed for seasonality
annually along with all other series.
(c) Following a review of the Other Specialist Mortgage Lending population, data from additional reporters are included from July 2002. For further details on the changes see
article 'Population review for Other Specialist Mortgage Lenders' in the April 2004 edition of Bank of England: Monetary and Financial Statistics .
(d) Owing to the method of seasonal adjustment of these series they may not equal the sum of their institutional breakdown. Residuals can be found on the Bank's interactive database.
Notes to Editors
1 Following a review of the 'other specialist lenders' (OSLs) reporting population, data from additional reporters are
included from this month. The resulting revisions to data extend back to July 2002. An article summarising the impact on
secured lending statistics for Other Specialist Lenders is available at
http://www.bankofengland.co.uk/mfsd/article/art2apr04.pdf .
2 Full data on lending to individuals are available in Table A5 of Bank of England: Monetary and Financial Statistics;
these data are consistent with M4 lending, but more comprehensive (as they include lending by institutions other than banks
and building societies). The consumer credit data include input from the Office for National Statistics. These data, and
additional data not presented here, can be accessed free-of-charge from the Time Series data services at the National Statistics
website http://www.statistics.gov.uk/statbase/tsdintro.asp .
3 Revisions to the growth rates of total lending to individuals, secured on dwellings and consumer credit are shown in bold
italics in the table on the front page of this release. Revisions are defined by differences between the current estimate of the
growth rate and the previously published estimate. For the one-month and twelve-month growth rates, the benchmark is a
difference of 0.2 percentage points. For the three-month (annualised) growth rate, the benchmark is a difference of 0.8
percentage points.
4 From the April 2004 edition, published today (4 May 2004), Table A5.4 in Bank of England: Monetary and Financial
Statistics includes additional data covering seasonally adjusted approvals for remortgaging and other secured lending, both in
value and number terms. These data were previously only available on a not seasonally adjusted basis. Additionally, Table
A5.5 has now been expanded to include repayments of mortgage principal to other specialist lenders, where previously these
data were only published for banks and building societies. These data are not seasonally adjusted.
Definitions
5 These can be found within Bank of England: Monetary and Financial Statistics.
Timing and availability of publications
6 Below is a list of some of the related statistical releases and the date of their release.
Title of release: Date of release:
Growth rates of broad money (M4) and credit (M4 lending) including a sectoral breakdown
for March 2004 04 May 2004
Provisional estimates of narrow money for April 2004 04 May 2004
Growth rates of narrow money for April 2004 10 May 2004
Provisional estimates of broad money (M4) and credit (M4 lending) for April 2004 21 May 2004
Bank of England: Monetary and Financial Statistics, April 2004 issue 04 May 2004
7 The Interactive Database, available on the Bank's website (www.bankofengland.co.uk/mfsd/iadb) provides the latest and
long runs of statistical data. The site has comprehensive search options and the ability to download the data in a variety of
formats.
8 Certain information on this release is available on wire services under the following page references:
Bloomberg News Service NH BOE Telerate 393 - 401
Knight Ridder BOE/STATS1 - 8 Topic 44799
Reuters BOE/STATS1 - 8
9 Data within this release are available on Datastream. Datastream users should access program 150Z to obtain appropriate
codes. The series can be viewed via option 1 UK and then option 8 monetary sector.
Bank of England
4 May 2004