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Mortgage lending holds steady in June – BoE

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  • 30/07/2018
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Mortgage lending holds steady in June – BoE
Mortgage lending increased by 3.2% in June, data found.

 

Consumer credit lending was also stable at £1.6 billion in June, a little above the average of the past year, according to the latest statistics from Bank of England.

The number of mortgages approved for house purchase increased a little in June, to 66,000, and were close to their average since late 2013.

The number of approvals for remortgaging fell 7.3% in June to 48,000. Despite this fall, remortgaging approvals remain broadly in line with the average over 2018 so far, the data showed.

 

Richard Pike, Phoebus Software sales and marketing director, said these figures from the Bank of England are encouraging.

He added: “Anything that shows growth or even a steady market, has to be better than the alternative.  With everything that is going on politically the economy will always be on the back foot, which continues to cause uncertainty.

“A degree of stability is what we should be aiming for and looks like it is being achieved. It’s a much more comfortable position that in the long run could support steady growth, especially when we come through the other side of the Brexit negotiations, and settle into what may just be the ‘new normal’.”

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