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Mortgage lending edges up in July

The Bank of England says that mortgage approvals hit 14-month high, but the numbers are still very low, in comparison with long-term norms.

Mortgage lending rose in July, when there has been a recorded number of loans approved for both house purchases and remortgages, as stipulated by the Bank of England. Even so, this rise was below the previous six-month average.

The figures were announced by the National Housing Federation. The institution predicted a slump in homeownership to the levels of mid 80s and it shoes that 100,320 mortgages valued at £11.5bn were approved in July.

The total loans secured on homes rose by £0.7bn over the month, in comparison with the previous six-month average of £0.9bn.

Statistics show that loans approved for purchasing homes has risen to 49,239, a little higher than June where there were 48,500 and aboce the previous six-month average of 46,822.

When it comes to remortgaging, the increase was minimal. The number of approved loans has risen by just 20 in June, at 30,810, which is lower than the previous six-month average of 31,340.

Howard Archer, chief UK economist at IHS Global Insight, said: “Housing market activity remains at a very weak level that historically has been associated with falling house prices, despite rising modestly from their lows earlier this year.”

Via Guardian

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