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Mortagage approvals 50% up on August 2008

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The latest approvals data from the Bank of England shows the number of loans for house purchase rose 5% from June to 50,123. This was a 50% increase from a year ago when the housing and mortgage market was in a sharp downturn, but compares to a monthly average of 104,000 in the 10 years to the end of 2007.

Commenting on today’s lending data from the Bank of England, CML economist Paul Samter observed:

“Activity still remains weak, but has improved from the historic low levels of turnover at the beginning of the year. We expect volatility in net lending levels over the rest of the year and there may be other months in which negative net lending occurs as the recovery is likely to be sporadic and shaky at first.

“Overall however, the figures are consistent with our view of a slowly improving house purchase market, yet still constrained by a lack of available funding and the fragile economic backdrop.”

Source: The Council of Mortgage Lenders

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