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Lending hits all-time high

Mortgage lending surged to an all-time high in May, with lending up 0.8 per cent to £4.23bn from £3.82bn in April, suggesting a renewal of confidence in the housing market.

Lenders saw the number of loans approved increase to 107,000 in May, up 9 per cent on the average of 98,000 in the three months to April.

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