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Increase in mortgage approvals

The number of house purchase loans approved in February was higher than the previous six month average, data from the Bank of England has revealed.

The number of loans approved for house purchase hit 37,937 last month, up from the 31,791 seen in January and also up from the average over the last six months of 31,495.

But remortgage approvals fell in February to 32,633, a drop from the previous six month average of 52,780.

Total net lending to individuals rose by £1.3bn, a higher increase than January’s £1.2bn but lower than the six month average of £1.5bn.

Consumer credit declined by a net £200m, while net credit card lending increased by the same amount.

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