The number of mortgage approvals rose in May despite rising interest rates and house prices, according to the Bank of England.
May saw 114,000 mortgage approvals for house purchases, compared with 109,000 in April, worth a total of £17bn, compared with £16.3bn in April. The number of new approvals was slightly lower than the six-month average of 117,000 but the value of approvals was up on the half-year average of £16.5bn. The Bank of England Statistical Release on lending to individuals also revealed that net consumer credit rose by £0.8bn in May, double the rise of £0.4bn seen in April, and is equivalent to the six-month average. Lending secured on dwellings increased by £8.7bn, slightly below the April figu...
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