Loans for buying houses 'up on the half-year'

Posted: 30 Jul 2009 09:44:27 GMT

Bank of England figures show more loans were approved for buying houses in June than in the previous month and more than the six-month average.

In June, 47,584 loans were approved for the purpose of buying houses, up from 44,169 in May.

The total value of loans was also higher, up by £600 million to £6.2 billion.

Over the previous six months, 38,608 loans per month were approved on average, with both May and June exceeding the £4.6 billion half-year average monthly value.

Paul Samter, economist with the Council of Mortgage Lenders, notes that the statistics show "positive" activity compared with the beginning of the year.

"These numbers are consistent with our outlook for a gradual improvement from historic lows following the financial system turmoil last year," he says.

Bank of England data also shows a growth over the month and over the half-year in the number of people arranging loans for remortgaging purposes.

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