According to the report total lending to individuals rose by £1.0 billion in November, in line with the previous six-month average. The twelve-month growth rate was unchanged at 0.9%.
Within total lending, lending secured on dwellings rose by £0.6 billion, less than the previous six-month average of £0.7 billion.
The three-month annualised and twelve-month growth rates remained unchanged at 0.7% and 0.6% respectively.
Gross lending secured on dwellings was £12.6 billion in November, which was higher than the previous six-month average of £11.7 billion. Repayments in November were £11.6 billion, higher than the previous six-month average of £11.2 billion.
The number of loan approvals for house purchase (52,854) was little changed in November, and was higher than the previous six-month average (50,266).
The number of approvals for remortgaging (31,154) decreased in November, and was lower than the previous six-month average (32,448).
The number of approvals for other purposes (20,845) was little changed in November, and was broadly in line with the previous six-month average (20,643).
Consumer credit rose by £0.4 billion in November, in line with the previous six-month average.
The twelve-month growth rate increased by 0.2 percentage points to 2.5%. Within consumer credit, credit card lending was broadly unchanged in November, and other loans and advances rose by £0.4 billion.
David Braithwaite, director of the financial advisors, Citrus Financial Management, said:
"As these latest figures testify, for the mortgage market flat is the new growth.
"The material drop in the number of remortgages may reflect how, as the Eurozone crisis escalated and the economy deteriorated in the late Autumn, people became even more confident that interest rates are going nowhere for quite some time.
"The fall in remortgage activity may also reflect declining equity levels in the UK's housing stock as house prices continue to slide downwards.
"Looking forward, 2012 will be about matching willing borrowers with reluctant lenders. At best we'll be moving sideways.
"The problem is that borrowers are hesitant to borrow and lenders aren't overly keen to lend — and the problem gets worse at higher LTVs, the very area where we need to see movement and improvement.
"People buy property when they're confident and confidence is disappearing at roughly the same rate as Christmas cheer.
"Credit conditions are likely to get tougher, too. Last week saw EU banks place record overnight deposits with the ECB, which gives an insight into just how nervous lenders are right now.
"The banks are ultra-wary about each other's exposure to sovereign debt and this growing wariness could rapidly translate into reduced mortgage availability and higher rates.
"The mortgage market for the foreseeable future will be one of haves and have-nots.
"Those with a decent chunk of equity or a good deposit coupled with stable income should have no problems at all, whereas those at higher LTVs or who don't meet the stringent criteria of the banks will find it very difficult indeed."
