Mortgage lending slips in July - BBA

The Association says underlying net mortgage lending rose by £5.7bn, compared with £5.6bn in June and the average of £5.3bn over recent months. This was also significantly higher than the £4bn in July 2005. Meanwhile there were 178,438 mortgage approvals in July, with an aggregate value of £18.4bn. The BBA says while the number of approvals was 2% lower than in July 2005, their value was 8% higher. The average loan approved for house purchase was £139,200, some 5% higher than a year earlier. David Dooks, BBA director of statistics, says: “July is typically a slow summer month for mortg...