The number of mortgage approvals increased around 4% on a monthly and yearly basis in July to 74,590, as gross mortgage lending remained flat for a third consecutive month at £7.6bn, the British Bankers' Association (BBA)reports.
Its figures, representing two-thirds of UK mortgage lending by the big high street banking groups, showed that gross mortgage lending was down 8% year-on-year from £8.3bn in July 2010. Annual net mortgage lending grew 1.7% in July to £0.9bn up from £0.5bn in June, ahead of the increase of 0.7% for the whole mortgage market, the BBA said. Yet, net mortgage lending was down from £1.3bn in July 2010. While house purchase and remortgage approvals remained weak in July, both showed growth on a monthly and yearly basis, with total approvals up around 4% on June and July 2010. House purch...
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