House purchase approvals rise

Written by Sam Jones on 03 September 2012.

New statistics from the Bank of England have shown a slight increase in the number of home loan approvals during July.

The Bank revealed there were 47,312 loans approved for house purchase customers last month, totaling £7.1 billion. This was an improvement on June's figure of 44,124, although the six-month average remains at 50,729.

Economist at Capital Economics Samuel Tombs, said: "Looking ahead, credit might have become easier to obtain now that the Funding for Lending Scheme is up and running. That said, the scheme has not prevented some lenders from increasing their borrowing rates recently. Indeed, we think that weak money and credit growth is likely to act as a brake on the economy for some time to come."

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