The number of approvals for home loans in the UK rose in July, with approximately 49,239 mortgages granted, according to the Bank of England (BoE).
This marks a three-month streak and a three percent gain from July last year.
Lending also rose to £6.9 billion in July, from £6.7 billion in June. BoE noted an increase in the number of loans granted for remortgages — up from 30,790 to 30,810 and valued at £3.9 billion.
The new figures were supported by the Building Societies Association (BSA), which said gross mortgage lending by building societies and mutuals climbed six percent to £2.1 billion last month, from £2.0 billion in July 2010.
Adrian Coles, Director General of the BSA, said that in the first seven months of the year, “mutuals have approved an additional 16 percent worth of mortgages compared to the same period last year.”
“This is an encouraging trend in the face of continued uncertainty in the outlook for the housing market given the challenges faced in the wider economy.”
The association’s data also revealed a 17 percent rise in gross mortgage lending from January to July of this year, totalling £12.3 billion.
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