Mortgage approvals for UK home purchases are settling at around 40,000 a month, with July’s figure up 12 per cent on a year earlier, reports FastFT.
Data from the British Bankers’ Association show 42,792 mortgage approvals in July, slightly down from 43,180 in June on a seasonally adjusted basis.
The BBA said mortgage approval processes had now settled after the introduction of the Mortgage Market Review, to a typical level of around 40,000 mortgages approved a month for house purchase.
The review had introduced tighter lending criteria to prevent consumers taking on too much debt as house prices rose. Loan approvals fell in April, but have been rising month-on-month since then.
Total mortgage approvals for July - adding in remortgages and other secured lending - rose to a seasonally adjusted 69,489, from 68,440 in June.
Gross mortgage borrowing of £10.9bn was 16 per cent higher than a year ago.
