House purchase mortgage lending stands still

| September 1, 2010

New figures from the Bank of England show total net lending secured on UK dwellings increasing by A?0.1 billion in July, although the rise is well below June’s increase of A?0.5 billion and the previous six-month average of A?0.8 billion.

Approvals for house purchase stood at 48,722 with the total broadly in line with a month earlier (48,562) and the previous six-month average of 48,546.

However, approvals for remortgaging were up slightly on June, at 26,951, and also higher than the previous six-month average of 26,235.

Separately, housing intelligence firm Hometrack is predicting that house prices in England and Wales will undergo a “modest re-pricing” during the next six to 12 months as the market adjusts a rise in the number of homes for sale and slowing buyer demand.

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