The increase in total net lending to individuals in August (£8.9bn) was larger than in July and broadly in line with the previous six month average, according to the latest figures from the Bank of England.
Within the total, the increase in net lending secured on dwellings (£7.6 billion) was stronger than the increase in July and stronger than the previous six month average, it says. The twelve-month growth rate fell to 10.3% in August from 10.4% in July. The number of loans approved for house purchase was 8,000 higher than in July while those for remortgaging and those for other purposes were also higher. David Stubbs, economist at the Royal Institution of Chartered Surveyors (Rics) says the figures reveal the gradual recovery in housing market activity was strengthened in August. Household...
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