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

Home and Living

Home longevity spas tipped to become the next must-have in prime property

Longevity expert has noticed a huge influx in home spas from investors Country and Townhouse reported that wellness is expected in luxury homes Ralph Montague discusses core shifts he’s seen over the past two years Once, cinema rooms, wine cellars and home gyms were considered luxury home features. Now, the next major trend in prime…
Read More →
Breaking News

Nationwide House Price Index for April 2026 – Thoughts from the Industry

House prices increased by 0.4% between March 2026 and April 2026. This was a weaker rate of monthly growth compared to the previous month (0.9%). Annual growth sat at 3% in April 2026, with this annual rate of growth increasing from 2.2% versus March 2026. The average UK house price now stands at £278,889.  …
Read More →
Breaking News

House price growth remained resilient in April

UK annual house price growth picked up to 3.0% in April, from 2.2% in March House prices were up 0.4% month on month Headlines Apr-26 Mar-26 Monthly Index* 554.8 552.7 Monthly Change* 0.4% 0.9% Annual Change 3.0% 2.2% Average Price (not seasonally adjusted) £278,880 £277,186 * Seasonally adjusted figure (note that monthly % changes are…
Read More →
Breaking News

Homeowners shift mortgage strategy amid economic uncertainty

Middle East conflict prompts Brits to rethink housing plans 27 per cent of homeowners report overpaying on their mortgage to get ahead of potential future interest rate rises 20 per cent of those remortgaging are looking to lock in a new rate as soon as possible in case of future volatility Barclays Mortgage data shows…
Read More →
Breaking News

Today is the day your rights change: New Renters’ Rights rules now in force for tenants across England

Today marks a major change for tenants across England as the first phase of the Renters’ Rights Act 2025 comes into force, significantly strengthening rights and changing how renting works in practice. From today, the long-standing system of Section 21 ‘no-fault’ evictions ends, meaning tenants can no longer be removed without a specific legal reason.…
Read More →
Home and Living

Mould Tops List of Bathroom Red Flags For Homebuyers

Mould, Space & Water Pressure: 3 Bathroom Deal-breakers Affecting House Sales This Spring   Almost 9 in 10 (88%) Brits say at least one bathroom issue would put them off making an offer on a house.   Mould (60%), lack of space (44%), and water pressure (37%) are the top three deal-breakers, with concern intensifying…
Read More →