Bank of England figures for July

September 2, 2015

Bank of England figures published yesterday showed that UK mortgage approvals rose in July to their highest level since February 2014, numbers were up by 16.4% to 68,764, this is in contrast to the number of mortgage approvals falling throughout 2014.

Mortgage approvals have risen in five of the past seven months, this trend is even more surprising following the tightening of rules on lending introduced last year, net mortgage lending surged by £2.709 billion in July, the biggest increase since July 2008.

The Bank of England figures add to the general consensus that the housing market is heating up again, even though there has been a pullback in prices in London the overall picture across the UK is rising property prices.

The outlook for interest rates is that an increase is still expected early next year.

The BOE said consumer credit grew by £1.173bn in July, down slightly from a £1.23bn rise in June, but it was up 7.5% on an annual basis.

 

 

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Estate Agent Talk

Buy-to-Let Explained: How It Works and Is It Worth It?

Buy-to-let is one of the most popular property investment strategies in the UK, attracting investors who want to generate regular rental income while benefiting from long-term property value growth. Whether you are a first-time landlord or someone considering adding property to an existing investment portfolio, understanding how buy-to-let works is essential. If you are exploring opportunities with Whitegates…
Read More →
Letting Agent Talk

The Hidden Cost of Deposit Disputes for Letting Agents

Nobody gets into lettings because they love arguing over oven grease. Yet for a growing number of letting agents across London and beyond, deposit disputes at the end of a tenancy have become one of the most quietly destructive parts of the job — eating into time, draining morale, and slowly eroding the trust that…
Read More →
Breaking News

Britain’s strongest housing markets revealed

The latest research from Benham and Reeves reveals the best-performing housing markets across Great Britain when it comes to the average rate of house price growth seen over the course of 2025, with the northern regions and Scotland outperforming most of the rest of the country with annual price growth of up to 11%. Last…
Read More →
Rightmove logo
Breaking News

Over £900 million economic opportunity lost to property fall throughs

Analysis from the UK’s largest property platform Rightmove reveals there is an economic opportunity of over £900 million in England if the number of property transactions falling through can be reduced The calculations show that nearly £392m in potential estate agency revenue and £515m in potential government stamp duty receipts were lost last year to…
Read More →
Breaking News

Landlords chasing rental arrears of £470m

The latest research from Propoly – the platform that automates compliance, reduces risk and protects landlords – has revealed that landlords in England deal with more than £470 million worth of rent arrears in a year, with the largest number of tenants in arrears found in London and the North East. Propoly has analysed the…
Read More →
Estate Agent Talk

Building Buyer Trust Through Architectural Visualization in Real Estate Marketing

In real estate marketing, trust is not a soft value. It is a transaction driver. Buyers commit to years of financial exposure based on how credible a project feels long before it is built. That credibility is no longer shaped by brochures alone. Today, developers often work with a rendering agency to construct a visual…
Read More →