Source: Sharecast
In seasonally adjusted terms, total net lending to individuals grew by 0.7% month-on-month in March, or by £13.8bn, to reach £1,899.7bn, the Bank of England said.
Within that, consumer credit grew by £0.9bn or 0.4% on the month (consensus: £1.2bn), following a £1.3bn rise in February, hitting £235.9bn in the process.
Mortgage debt increased by £13.0bn in March, following a £3.3bn rise during the previous month, to reach £1.663bn.
The number of mortgages for home purchase meanwhile declined for a third month running, by 784 to 64,309 (consensus: 64,800).
Commenting on the latest figures, Ashley Webb at Capital Economics highlighted how the gain in consumer credit was lower than the average of £1.2bn recorded during the previous six months.
"This suggests households started to spend a bit more cautiously amid the weakening employment outlook even before the new US tariffs regime hit consumer sentiment in April," he said.
"[...] Overall, today’s data release suggests households started to tighten their purse strings amid the weakening economic outlook. If the recent drop in consumer confidence is sustained, consumer spending may be a bit softer than we expect this year."