• From The BBC:

    Mortgage approvals by the major banks increased to a 15-month high in June, according to the British Bankers’ Association (BBA).Some 35,235 mortgages were approved for house purchases in June, up from 31,919 the previous month, the BBA said. The figures reflected the banks’ increased ability to lend and was 65% up on the same month a year earlier. However, the appetite for remortgaging and for borrowing with other loans remained subdued, the group said. Typical loanThe increase in mortgage approvals raises hopes that there will be subsequent rise in activity in the property market. David Dooks, the BBA’s statistics director, said that approvals were recovering from a very low level since last November, but he suggested that the pick-up in mortgage lending by the major banks was in sharp contrast to a contraction in lending by other home loan providers. Andrew Montlake, director of mortgage broker Coreco, was not convinced that there had been a significant shift in the housing market. “…

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    Posted by Jon @ 6:33 am

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