31-08-2007
Slight fall in mortgage lending for July
Mortgage lending experienced a slight fall last month, new figures from the Bank of England reveal.
A rise of £9.2 billion was seen on net lending for dwellings during July, which was lower than the figure for June and the six-month average.
However, the data also reveals that more loans for home purchase were approved during that month than had been expected.
Some 115,000 mortgages for houses were approved in July, which was the same as the number approved the month before.
Loans for remortgaging were shown to have decreased to 101,000.
"Today's stronger than expected approvals figures support the conclusion that the slowdown in the housing market remains tentative," Investec economist Philip Shaw was quoted by Reuters as saying.
Meanwhile, separate figures recently released by the British Bankers' Association revealed a decrease in home loan approvals last month.
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