UK official statistics (ONS, Bank of England, DEFRA, HMRC, DBT, and DfT) · · Revised 5 series
UK September 2026 credit: growth in consumer and mortgage borrowing slows
UK consumer credit rose about £1.35bn (billion pounds) in September, down from £1.95bn in August. Mortgage lending also grew more slowly, so household borrowing eased a little.
A data update from FactIQ, written from UK official statistics (ONS, Bank of England, DEFRA, HMRC, DBT, and DfT) figures. What is FactIQ?
Key figures
- UK consumer credit outstanding excluding student loans, September
- £261.2bnrose about £1.35bn in the month, down from a revised £1.95bn in August; up roughly 7.4% on a year earlier2022-10-312026-09-30Monthly amounts outstanding of total (excluding the Student Loans Company) sterling consumer credit lending to individuals (in sterling millions) seasonally adjusted
- UK net mortgage (secured) lending outstanding, September
- £1,734.6bnrose about £3.95bn, compared with a £4.26bn rise in August2022-10-312026-09-30Monthly amounts outstanding of total sterling net secured lending to individuals (in sterling millions) seasonally adjusted
- UK broad money supply (M4), September
- £3,310.6bnup about £2bn after a revised £9.2bn rise in August; up about 3.7% on a year earlier2022-10-312026-09-30Monthly amounts outstanding of M4 (monetary financial institutions' sterling M4 liabilities to private sector) (in sterling millions) seasonally adjusted
- UK 10-year government bond par yield, 27 October
- 5.30%down from 5.43% on 8 October2026-08-202026-10-27Yield from British Government Securities - 10 year Nominal Par Yield
Consumer borrowing grew more slowly but is still well up on a year ago
Consumer credit covers borrowing such as credit cards and personal loans. It shows how much households rely on debt to spend. Bank of England (BoE) figures show that consumer credit, excluding the Student Loans Company, reached £261.2bn (billion pounds) in September. The total rose about £1.35bn in the month, down from a revised £1.95bn in August. It is still up roughly 7.4% on a year earlier. Net credit card lending outstanding was £84.1bn. That figure is not seasonally adjusted, meaning it is not corrected for regular calendar patterns. It is about 9% higher than a year ago.
Mortgage lending rose more slowly than in August
- Net secured lending, mainly mortgages, measures new loans minus repayments. The total outstanding rose about £3.95bn to £1,734.6bn, compared with a £4.26bn rise in August.
- Gross secured lending counts new mortgage lending before repayments. It was £24.2bn, slightly above August's £23.7bn but well below the March peak of £28.6bn.
The money supply barely grew
M4 is a broad measure of money held by households and businesses. It rose about £2bn to £3,310.6bn, after a revised £9.2bn rise in August. It is up about 3.7% on a year earlier.
Government bond yields fell ahead of the Budget
Bank Rate, the BoE's main interest rate, stayed at 3.75%. SONIA, the sterling overnight index average that tracks overnight borrowing costs between banks, was around 3.73%. Yields on gilts (UK government bonds) fell in the run-up to the Budget. The 10-year par yield was 5.30% on 27 October, down from 5.43% on 8 October. The 20-year fell from 5.79% to 5.59%, and the 5-year was 4.94%. On 28 October sterling was $1.3301, down from $1.3387 on 23 October. Against the euro it rose to €1.194, up from €1.183 in mid-October. The effective exchange rate index, which tracks sterling against a basket of currencies, was 85.86.
Source: UK official statistics (ONS, Bank of England, DEFRA, HMRC, DBT, and DfT). See all UK data in FactIQ.