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Mortgage lending rises to 11-month high

Monday, 12 September 2011 10:31 AM

Mortgage lending for house purchase rose to its highest level for almost a year in July, according to the Council of Mortgage Lending (CML).

The number of house purchase loans was up 2 per cent on June at 48,800 and the combined value of the loans rose 6 per cent to £7.3 billion.

Both figures were still lower than in July 2010 but were at their highest level since last August.

The increase was more marked for people already on the housing ladder than for first-time buyers. House purchase loans for home movers rose 4 per cent by volume and 6 per cent by value on June.

However, although loans to first-time buyers increased by 5 per cent by value, the number of loans fell by 2 per cent.

The number of remortgage loans increased by 1 per cent on June but was 11 per cent higher than a year ago.

CML director general Paul Smee said: "The UK mortgage market is currently holding steady. But August saw global financial turmoil and unrest closer to home and recent Bank of England approvals figures do not necessarily suggest a continuing upturn in lending in coming months."

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