June home mortgage approvals up
The Bank of England has released new figures for the number of mortgage approvals made in June, which suggest a pick-up in the housing market.
The Bank of England has released new data on home mortgage approvals which shows some tentative signs of a recovery in the housing market.For the fifth month in a row, the Bank's figures have shown a rise on its previous announcements, with 47,584 home mortgage applications being successfully approved in June, compared to 44,169 in May.
Some £6.2 billion-worth of mortgage lending took place in June, up from £5.6 billion the previous month and the number of deals is the highest since April 2008.
Paul Samter, economist for the Council of Mortgage Lenders, commented on the news, saying that the figures are still "very low" in a historic context despite that fact that mortgage approvals are up.
He said: "Activity is certainly more positive than at the start of the year … but the outlook is still sluggish, as capacity constraints on the lending industry and continuing deterioration in the labour market will act as a brake on the pick up.
"Overall, these numbers are consistent with our outlook for a gradual improvement from historic lows following the financial system turmoil last year, but for any recovery to be slow and drawn out," he added.
The Building Societies Association also released its own figures for the month, showing that the institutions carried out just under £2 billion-worth of home mortgage approvals in June.
Building societies lent £1,976 million last month, the highest level this year, although the same month in 2008 saw £3,245 million offered to home mortgage customers.
Home loan applications at Clydesdale Bank increased over the past year, according to recent figures from the lender.
The research showed that 30 per cent more home mortgage approvals were made between May and June compared to the same time in 2008, which the bank puts down to new funding and campaigns.
© Copyright
Related Articles
- Bank of England loan information numbers show tracker mortgages have reached a record low - 10th February, 2010
New loan information figures have revealed that tracker mortgage rates fell to a record low figure last month as competition continued to return to the mortgage market.
A report found that the average interest rate charged on one of the mortgage deals sunk from 3.92 per cent to 3.63 per cent, the lowest level since Bank of England began recording the figures 13 years ago... - Mortgage lenders reflect on stamp duty holiday trends - 31st December, 2009
Home buyers in the north of England have benefitted most from the stamp duty holiday, the Council of Mortgage Lenders (CML) has suggested today (December 31st).
The tax break, which was originally announced in September 2008, saw the nil rate threshold for stamp duty temporarily increased to £175,000... - Moneysupermarket.com claims mortgage numbers have increased - 21st January, 2010
A website has claimed that the number of mortgage products on the UK market has surpassed 2,500 for the first time since May 2009.
Moneysupermarket.com, which provides consumers with loan information and advice, found that the amount of mortgage products has risen for the third successive month... - Moneyfacts.co.uk's loan information numbers suggest mortgage market is to continue recovery - 4th February, 2010
The latest loan information figures from moneyfacts.co.uk have revealed that the UK's mortgage market is set to continue its steady recovery this year.
According to the website, the number of home loans available since the start of 2010 has increased by 20 per cent... - Home mortgage customers need repossession help - 15th December, 2009
More property owners in the UK will be threatened by repossession as they struggle to keep up home mortgage repayments if the government does not increase the help it provides.
Research by Citizens Advice, along with AdviceUK and Shelter, has found that some homeowners are still slipping through the net when it comes to supporting all of those having trouble meeting their debt obligations... - Mortgage lenders see fewer Britons in arrears in Q3 - 18th December, 2009
Britons made a concerted effort to get on track with their mortgage repayments during the third quarter of 2009, according to new figures.
The Financial Services Authority (FSA) confirmed that an average of 395,000 mortgage holders found themselves in arrears between July and September - a decline of two per cent from Q2... - Mortgage lenders' borrowing levels decrease - 18th December, 2009
New figures from the Council of Mortgage Lenders (CML) show that the amount of money offered to those looking to purchase a new home or remortgage a current property has dropped in November, compared to the previous month.
Some £12 billion of home mortgages were made available last month, although this is ten per cent down from the £13.3 billion of lending in October and 14 per cent lower than September's £13.9 billion... - Bank of England loan information figures reveal fall in homebuyer loans - 2nd February, 2010
The latest loan information figures from the Bank of England have found that the number of loans made to homebuyers fell in December, the first drop in more than a year, the Times reports.
It has been revealed that mortgage approval rates declined in the last month of the year, though the fall came against the expectations of most housing market experts... - Building society mortgage lending flat in November - 5th January, 2010
Mortgage lending by building societies was largely unmoved in November from the previous month, it was suggested yesterday (January 4th).
According to new figures from the Building Societies Association (BSA), gross lending was £1.6 billion, which was comparable with the total of £1.7 billion for October... - Rising home mortgage costs forcing Britons to skimp on heating - 6th January, 2010
Ever-increasing home mortgage costs are forcing Britons to spend less on gas and electricity bills, it was suggested today (January 6th).
Shelter commissioned a YouGov survey of 5,438 people which found that 27 per cent are adopting this strategy, representing roughly 11.3 million people across the UK...