Home loan approvals rise slightly

Grovelawn Financial News 30/10/2008

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Mortgage lending slightly up

The number of home loan approvals rose by 1,000 in September to approximately 33,000. This is the first rise for a year and although lending is still below the average of the past six months. Net lending was lower for banks than building societies, building societies lending rose for the first time since May 2008 but was still lower by 47 per cent than the figure for September 2007.

August is usually the quietest month for mortgage lending as the holiday season is in full swing, this August the level of mortgage debt fell for the first time since 1993. Some experts believe that the rise in mortgage approvals may have been partly due to the fact that the threshold for stamp duty was raised to £175,000.

Remortgaging also showed an increase on Augusts’ figures. Borrowing in general, on credit cards, personal loans and hire purchase agreements were all on the decrease and in some cases almost ground to a halt.

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