Mortgage approvals rise in July
LONDON (ShareCast) - Mortgages, credit card and personal loans all rose strongly in July, according to the latest figures from the Bank of England.
Mortgage borrowing rising by £9.8bn last month - the biggest rise since September 2003 with the number of new mortgages up to 120,000 in July, compared with 119,000 the month before.
Mortgage approvals are regarded as a good indicator of activity in the property market and the latest figures support recent reports that it remains very healthy, economists said.
Overall lending rose by almost £10.9bn in July - the largest increase since June 2004 when the property market was in the middle of a boom.
Credit card borrowing meanwhile rose by £200m, which fuelled a rise in personal borrowing of £1.1bn, £300m more than in June.
Overall, the outstanding level of personal debt rose to £1.24trn, including all forms of lending.
For more news...
Sourece: UK.biz.yahoo.com
