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Mortgage Advances hit record heights


Mortgage advances hit record levels in June according to figures released by Barclays Bank.


Its research reveals gross mortgage advances in June hit the £10bn mark, a 27 per cent increase over last June&#39s figure of £8.4bn.


Mortgage lending is now so buoyant that Barclays is predicting the market will top £100bn this year for the first time ever.


The bank says the growth in lending is supported by consumer confidence which is showing continued improvement.


It believes consumer confidence has been further boosted by rising house prices. It research shows people are holding back from placing their home on the market, thus limiting supply and fuelling house price inflation.


Barclays director of mortgages Jim Chadwick says: Although 1999 looks like being a record year for mortgages, this does not necessarily mean we are seeing a housing market boom.


&#34House prices appear to be recovering, but housing turnover is still subdued relative to historic level.&#34

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