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