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Breakdown of July mortgage lending

LONDON (Reuters) - The number of mortgage approvals for house purchase rose slightly in July from a record low in the previous month but were still 65 percent on the year, figures from the British Bankers’ Association said on Tuesday.

JULY JUNE

Underlying net mortgage lending (bln stg) +4.3 +4.3

JULY JUNE JUL’07

Number of all loans approved

House purchase 22,448 22,369 64,184

Remortgaging 54,232 58,624 68,780

Other secured lending 28,930 28,597 44,300

Consumer credit (net changes in amounts outstanding, s/a):

JULY JUNE JUL’07

Credit card sa 4 231 214

Personal loans, overdrafts 74 68 266

BBA statistics director David Dooks said: “The monthly numbers of approvals for house purchase, which have fallen by some two-thirds over the last year, levelled off in July. It would, however, be premature to think that the housing market will now start to recover, because overall approval activity continues to be very low. The pressure on household budgets are reflected in the relatively weak rise in individuals’ deposits and, with consumer borrowing growing only slowly it seems that consumers are acting prudently.”

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