Mortgage approvals for house purchase have risen to a 17-month high, according to the British Bankers' Association (BBA).
Approvals in July for house purchases rose to 38,181, up from 35,564 in June and 77% higher than the same month last year. Remortgage approvals also edged up to 30,600 loans from 28,454 with the average loan worth £131,100. But the figure was down by 42% on July 2008. The BBA figures show the overall value of mortgages approved rose to £9.7bn from £8.9bn in June with approvals for house purchases in representing £5.2bn out of the total. The data suggests banks had been more forthcoming in making mortgages available to potential buyers with the average amount borrowed standing at...
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