Lending to individuals dropped below the previous six-month average last November to reach 38.9bn, according to the latest statistics from the Bank of England.

The twelve-month growth rate fell to 9.5%, the Bank said. The increase in net lending secured on dwellings (£7.8bn) was above the increase in October but below the previous six-month average. The number of loans approved for both house purchase (83,000) and other purposes (60,000) was lower than in October, but that for remortgaging (95,000) was higher than in October.

Credit card lending rose by £0.3bn, above the October increase, according to the Bank’s records. The figures for other loans and advances rose by £0.8bn, which was lower than the October increase.