Remortgage activity up 10% in August

The number of loan approvals secured on property increased by 6.2% in August to reach 108,163, according to data from the Bank of England.

By value, the number of loan approvals rose by 5.2%, from £11.6bn in July to £12.2bn in August.

Remortgage activity accounted for the greatest proportion of this increase, with the number of approvals for remortgaging increasing by 9.5% from 31,652 in July to 34,668 in August.

By value, remortgage approvals rose by 7.5%, from £4.0bn to £4.3bn.

The number of loan approvals for house purchase increased by 5.6% to 52,410, and by value rose by 4.3% to reach £7.3bn.