Strength in remortgage activity amongst homeowners, alongside stronger first-time buyer numbers, are likely to have been the drivers of mortgage lending in October, as our estimate showed £23.1 billion borrowed, 14 per cent higher than a year ago. Two-thirds of this was carried out by High Street Banks, which translated to £15.3 billion.

At 7.1 per cent, total amount of credit outstanding grew at a slower pace in October compared with the previous month, while the growth in credit card borrowing remains strong, partly driven by the inflation rate. Growth in credit outstanding by High Street Banks was 5.1%, which also represents a slower pace than seen in September.

The latest figures from the High Street Banks suggest that businesses continue to exercise a cautious approach to borrowing with survey indicators showing demand for credit from smaller and medium sized businesses falling in the third quarter.