Purchase approvals at highest level since early 2008
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Mortgage approvals for house purchase continued their steady ascent in October, hitting their highest level since January 2008.
Figures from the British Bankers’ Association show that house purchase approvals reached 42,238 last month compared with 42,073 in September and 21,361 at the same time last year. The value of house purchase approvals rose to £6.07bn in October compared with £5.95bn in September.
Banks approved 20,685 remortgage cases last month, less than half the number approved for house purchase. There were 21,054 remortgage approvals.
Gross mortgage lending rose from £8.9bn in September to £9bn in October, while net mortgage lending increased for the second time in two months by £3.1bn.
David Dooks, statistics director at the BBA, says: “Unsecured borrowing is subdued as consumers are building up deposits.”
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