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Tuesday, the British Bankers' Association report showed that the number of mortgages approved for house purchases in the UK totaled 38,181 in July compared to 35,564 in June. Mortgage approvals for July also exceeded the expected level of 37,800 and increased 76.7% from the prior year.
BBA statistics director David Dooks said, "The numbers of mortgages approved for house purchase each month by the high street banks have continued to recover from last November's low point, but new lending is largely being offset by repayments, so that net rises remain relatively weak."
As recent increases in approvals worked their way through into lending data, gross mortgage lending stood at GBP 8.4 billion, larger than June's GBP 8.1 billion. Further, loans approved for house purchases in July was GBP 5.2 billion.
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