Net Consumer Credit and Mortgage Approvals modest recovery

JUN Net Consumer Credit -GBP0.086bn vs MAY -GBP4.542bn
JUN Mortgage Approvals 40,010 vs MAY 9,273
JUN Net Secured Lending GBP1.893bn vs MAY GBP1.275bn
JUN M4 +1.0% m/m, +13.1% y/y vs MAY +2.1% m/m, +11.9% y/y
JUN M4 ex-IOFCs +0.7% m/m, +11.9% y/y vs MAY +2.3% m/m, +11.3% y/y

• Households repaid GBP 86 million of consumer credit in June, however consumer
  credit borrowing remained significantly weaker than before the crisis
• The weakness in consumer credit net flows shifted the annual growth rate down
  to 3.6% in Jun, its weakest level since the series began in 1994
• Mortgage approvals rebounded to 40,010 in Jun, following a record low registered
  in the previous month
• However, approvals for mortgages remain 46% below Feb's level
• The cost of new consumer credit fell again in Jun to 4.42%, which is a new
  series low, while the interest rate on new secured loans ticked up
  marginally to 1.77%