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Mortgage approvals up 30% year-on-year

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The number of mortgage approvals rose 30 per cent in July compared with the same period last year, according to Bank of England figures.

The Bank’s latest money and credit report shows there were 60,624 loan approvals for house purchase in July, up from 46,665 approvals in July last year.

The number of remortgage approvals rose 28 per cent from 24,499 in July 2012 to 34,262 in July 2013 while the number of approvals for other purposes, including further advances, fell 15 per cent from 15,482 to 12,236 over the same period.

Gross lending remained relatively flat, going from £14.5bn to £14.6bn.

Separately, the Building Societies Association has published its own lending figures showing gross lending by building societies and other mutuals was around £4bn in July, up a third compared to around £3bn in July last year. The BSA says this is the highest monthly figure since data was first published for the mutual sector in 2010.

The value of building society mortgage approvals in July also hit the highest levels since 2010 at £4.2bn, up 50 per cent from £2.8bn in July 2012.

Net new mortgage lending by mutuals was £1.3bn, up 39 per cent £935m in July last year.

Emba Group sales and marketing director Mike Fitzgerald says: “It is great to see new business is up across the board, though we are also seeing the regional bias becoming far more obvious. Houses in the south are selling quickly whereas sales are often taking a lot longer in regions such as the North-east.”

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