February high street banking data from the British Bankers’ Association (BBA) shows that household borrowing totalled £13.4 billion, 4.6% higher than in the same month last year.
Gross mortgage borrowing of £13.4 billion in February was 4.6% higher than in the same month last year. After allowing for repayments, February’s net mortgage borrowing was 2.5% higher than in February 2016.
Business borrowing continues to be subdued growing by 0.9% annually.
Consumer credit is growing at an annual rate of 6.6%.
Eric Leenders, the BBA’s managing director for retail banking, said: “Elevated approval volumes for house purchases and re-mortgaging experienced during the winter months fell back in February, to average levels seen throughout most of last year. Consumers’ use of credit cards and personal loans reflect last month’s increased spending figures.
“Businesses continue to exercise a cautious approach to borrowing, using cash reserves and alternative lending sources to finance their operations.”