• From The BBC:

    The number of mortgages approved for house purchases by the major High Street banks has risen to a 17-month high, figures show.The British Bankers’ Association (BBA) said approvals in July stood at 38,181, a rise of 7.4% compared with June and 77% higher than a year ago. The data suggests the rise in activity and prices could stretch into autumn. However, the BBA warned that new lending was below seasonal expectations despite greater demand from borrowers. Changing pictureThe number of loans approved for people buying a home in July was at its highest since February 2008.
    Banks had been more forthcoming in mortgages available to potential buyers, with the average amount borrowed at £139,700 in July. However, the BBA’s statistics director David Dooks said that banks were still being “more realistic” about how they should lend to compared with when the property boom was at its peak. He said the ability of potential buyers to pay a deposit and long-term sustainability were key issu…

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    Posted by Jon @ 11:11 am

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