Business credit bounce
Credit growth picked up to 7.9 per cent in February, for the fastest annual growth since 2008, largely thanks to a strong acceleration in business credit growth.
Housing credit growth increased a little further over the year, but momentum is now rolling over.
Investor credit growth is gradually starting to pick up, perhaps encouraged by the prospect of rising rents and positive net yields as an inflation hedge.
Overall, the housing credit impulse is fading now, leading annual house price growth lower.
