The latest UK Finance Household Finance Update for January 2019 has revealed that gross mortgage lending across the residential market in January 2019 was £21.6bn, some 1.5% lower than the same month the previous year. However, the number of mortgages approved by the main high street banks in January 2019 was 0.3% higher than the same month the previous year, which means that the average loan amount was lower.
This follows several months of strong growth in remortgaging earlier in 2018, as customers took advantage of a competitive mortgage market to lock into attractive deals.
The £10.8bn of credit card spending in January 2019 was 4.4% higher than the same month the previous year. Meanwhile, personal borrowing through loans and overdrafts grew by 4.7% in the year to January.