BoE Data Shows Uneven Recovery in House Purchase Approvals

The Bank of England's Money and Credit report shows that house purchase approvals rose to 58,200 in June, but remained below the six-month average of 61,400. Approvals for remortgages, however, increased by 400 from May to 34,200 in June.

Nathan Emerson, CEO of Propertymark, believes that buyers responded positively to a period of relative economic stability, which led to an increase in net mortgage approvals for house purchases in June.

Secured gross lending edged higher to £27.4bn in June, while repayments decreased to £21.3bn. Net borrowing of mortgage debt by individuals increased to £7.7bn in June from £3.3bn in May.