House purchase approvals down

Published 04th Sep 2007

When compared to July 2006, house purchase approvals were down 1% by number but up 12% by value; remortgaging approvals were up 12% by number and up 26% by value; while approvals for equity withdrawal were down 2% by number and up 10% by value.

David Dooks, BBA director of statistics, said: "With customers seeking to replace deals or fix their mortgage costs, increased remortgaging activity boosted the banks’ lending in July. Lower approvals volumes simply reflected the seasonal pattern, so we expect the stable trend in the banks' lending to continue over the next couple of months.

“Spending on credit cards was 8% higher than in July last year, but because cardholders are at least matching their spending with repayments, card borrowing continued to decline."

Source: ' Move Channel Ltd '

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