Mortgage approvals rise
MORTGAGE approvals jumped in June to their highest level in more than a year but consumer lending remained very weak, recording the smallest rise on record, according to Bank of England data released yesterday.
The Bank of England said that home loan approvals for new house purchase rose to 47,584 from 44,169 in May, which was more than analysts had expected.
Easing credit conditions as well as markedly higher buyer interest were seen as the main contributors to the 14-month high in home loan approvals, but economists were wary about calling the bottom.
The Bank also reported that the value of total mortgage lending remained unchanged on May at £0.3bn, compared to consensus expectations of a rise to £0.6bn.
ING’s James Knightley said: “There are some signs of improvement but this is very modest.”