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A report entitled Trends in Lending has been released by the Bank of England (BoE).
The data was compiled using a range of sources, including existing statistics collected by the Bank and information from six major UK lenders that participate in the Lending Panel established by the Chancellor in November last year.
According to the report, growth in the stock of mortgage lending to individuals has slowed sharply since the beginning of the credit crunch.
In addition, financial service providers expect the demand for secured credit to remain weak over coming months.
Meanwhile, the availability of unsecured credit has also tightened over the past year and demand for such loans is predicted to remain weak in the short to medium-term.
Responding to the findings, director-general of the Council of Mortgage Lenders Michael Coogan said: "The report says some increase is expected in mortgage availability, but the volume of lending - and demand from consumers - will remain weak in the coming months."
