Property News

Wednesday, August 30, 2006

Mortgage lending rise

Latest Bank of England figures show that mortgage lending was the highest its been in nearly three years.

Lending rose last month by 9.79 billion pounds, the biggest jump since September 2003. Approvals for new loans also rose to their highest this year of 120,000 in July, a strong indication the British housing market has been picking up.

However it has yet to be seen what effect the Bank of England's surprise interest rate rise will have on August's figures.

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