Total lending down in June

Within the total, the Bank says the increase in net lending secured on property was weaker than the increase in May at £7.5bn but stronger than the previous six month average. The twelve month growth rate also fell from 11.1% in May to 10.8% in June. The number of loans approved for house purchase was in line with May, while those for remortgaging were higher, adds the Bank. Milan Khatri, chief economist at the Royal Institution of Chartered Surveyors (RIcs), says the figures reveal mortgage approvals are still down 11.9% though he claims this is an improvement from the fall of 21.3% ...