Mortgage approvals rising



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The number of mortgages approved by banks in the UK is running at around one-third higher than a year ago as the housing market revival continues to gather pace.

Some 37,200 approvals for house purchase worth £5.7 billion got the green light in July, slightly down on a 17-month high of 37,337 the previous month. The British Bankers’ Association said the “stronger pattern” in the mortgage market since the start of the year has continued into summer.

Mortgage approvals to home buyers are almost a third (31 per cent) higher than in the same period last year and remortgaging approvals are more than a third (40 per cent) higher. Several mortgage lenders have been offering their lowest ever rates in recent months.