Mortgage lending figures up 81 per cent

The level of mortgages for home purchases agreed in August was 81 per cent up on the same month in 2008, it has been revealed.

A total of 38,095 homebuyer loans was granted in the month, according to figures from the British Bankers’ Association (BBA), a total that was 6,000 more than the six-monthly average.

Net lending rose by 4.6 per cent over the year, with the increase in the month being £2.8 billion, £0.1 billion above the six-monthly average.

However, the month-month figures for approvals were more static, with the BBA describing the statistic as “steady”.

Analysing the data, Royal Institution of Chartered Surveyors (Rics) economist Brigid O’Leary said this could be down to an unwillingness of banks to raise mortgage financing or a lack of homes coming on to the market.

At the same time, she noted that a recent Rics survey suggested the supply of property will rise significantly in the coming months.

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