Mortgage Rate Approval Increases Again

More economic news from Dibben and Dibben. As widely reported today in the UK national press the number of mortgages approved for house purchases by the major High Street banks has risen for the seventh month in a row. The British Bankers' Association (BBA) has reported that mortgage approvals in July stood at 38,181, a rise of 7.4% compared with June. The report suggests that the rise in proprty market activity and house prices could stretch into the autumn.

The BBA said slower housing market activity meant it was taking longer for mortgage approvals for house purchase to work through into the gross and net lending figures. It added that the number of people remortgaging continued to be subdued, with only 30,600 loans arranged by people switching to a better deal during the month. But the group said the figure appeared to have stabilised and was slightly up on both the previous month and the recent six month average.

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