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Consumers are erring on the side of caution when it comes to debt management, it has been said.

All parties involved with loan transactions are becoming more careful, revealed Adrian Coles, director-general of the Building Society Association (BSA), with consumers perhaps choosing to buy what they can afford.

"On the lending side clearly some loans were made by some institutions to people who can’t now repay them and those loans shouldn’t have been made," he continued.

Other considerations are said to include whether a person decides to remortgage or not and whether they can buy something on the spot with their savings or choose not to buy at all.

People may also opt to buy a cheaper version of the product they want, rather than face the debts associated with buying something they cannot afford, Mr Coles added.

According to the latest Trends in Lending report released by the Bank of England, net mortgage lending slowed to £1.6 billion in April, down from £2 billion in March.

The annual rate of lending growth fell further in March, with major UK lenders reporting that their net lending flows remained weak in April.

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