The number of mortgage applications approved by banks fell sharply in June as the UK was hit by the wettest month on record, figures from the British Bankers' Association (BBA) show.
The number of mortgages approved for house purchases fell by 11% last month compared with May, to 26,269. This figure was also down 20.5% on June 2011. The BBA attributed the fall to the unseasonal wet weather - June was the wettest since records began in 1910 - as well as the Diamond Jubilee celebrations and Euro 2012 football. Remortgaging approvals fared even worse, falling 42.9% from figures posted a year earlier. Net mortgage lending by banks grew 0.9% over the last 12 months but gross mortgage lending fell to £7.2bn in June. The average price for approved house purchase...
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