Investing.com - Net lending to individuals in the U.K. rose less-than-expected in January, indicating improving credit conditions, official data showed on Monday.
In a report, the Bank of England said total net lending to individuals increased by ₤2.1 billion in January, down from net lending of ₤2.3 billion in December. Analysts expected net lending to individuals to rise by ₤2.5 billion last month.
Net secured lending rose by ₤1.4 billion, below expectations for an increase of ₤1.8 billion, after rising by ₤1.7 billion in December.
Net consumer credit, including personal loans, overdrafts, and credit card lending, increased by ₤0.7 billion, up from ₤0.6 billion in the previous month.
The report also showed that the number of final mortgage approvals rose to 77,000 in January from 73,000 in December. Economists had expected mortgage approvals to rise to 74,000 in December.
Following the release of the data, the pound trimmed losses against the U.S. dollar, with GBP/USD dipping 0.04% to trade at 1.6739, compared to 1.6708 ahead of the data.
Meanwhile, European stock markets remained lower. The EURO STOXX 50 fell 1.35%, France’s CAC 40 dropped 1.45%, Germany's DAX plunged 2.1%, while London’s FTSE 100 slumped 1%.