The number of mortgage approvals was 194,476 in August showing an increase of 7% on July according to the latest figures from the British Banker's Association (BBA)
Compared to the same month a year earlier, August’s approvals of house purchase loans were 9% higher by number and 26% higher by value; remortgaging loans were 1% higher by number and 18% higher by value; and equity withdrawal loans were 15% lower by number and also 5% lower by value.
The BBA says gross mortgage lending was also up 1% against the same period the year before at £16.8bn. and slightly higher than July’s total of £16.04bn.
Seasonally adjusted net mortgage lending rose by £4.3bn, compared with £3.7bn in July and £4.7bn in August 2004. The increase was in line with the average of £4.4bn over the previous six months, it says, leaving the annual growth rate just below 12%.
David Dooks, director of statistics at the BBA, says: ”Whilst August’s net mortgage lending remained in line with this year’s stable trend, the monthly amount of gross lending exceeded the corresponding month a year earlier for the first time in twelve months. Stronger remortgaging activity, representing 36% of all approvals, suggests that borrowers are shopping around for better deals and that gross lending will hold up in the coming months.”IFAonline
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