The twelve-month growth rate remained unchanged at 0.7%.
Within total lending, lending secured on dwellings rose £1.2 billion, compared to the previous six-month average increase of £1.0 billion. The twelve-month growth rate remained unchanged at 0.7% and the three-month annualised growth rate increased 0.1 percentage points to 0.9%.
Gross lending secured on dwellings was £11.3 billion in February), the same as the previous six-month average. Repayments in February were £11.3 billion, higher than the previous six-month average of £10.9 billion.
The number of loan approvals for house purchase (46,967) increased in February and was higher than the previous six-month average (46,413).
Approvals for remortgaging (35,725) increased in February and were higher than the previous six-month average (31,674), while approvals for other purposes (20,180) fell slightly in February and were lower than the previous six-month average of 22,272.
Consumer credit rose £0.8 billion in February compared to the previous six-month average increase of £0.2 billion. The twelve-month growth rate rose 0.3 percentage points to 1.1%. Within consumer credit, credit card lending rose £0.1 billion while other loans and advances rose £0.7 billion in February.
Neil Warman, Chief Commercial & Finance Officer at HML, said:
"It's good to see a rising trend in the amount of money lent on mortgages, perhaps it is the first sign that some confidence is returning to the housing market in advance of the usual spring bounce in house prices.
"But the increase in personal loans and overdrafts is concerning. In the States, the gap between the rich and the poor is widening as those who are better off repay their debts, while those on lower incomes borrow to cover day to day living expenses.
"Given that inflation is currently 2.4% over the Government's target I am concerned this data could indicate the emergence of the same trend in the UK."
