Briton Mortgage Disposal Increases In June Says Bank Of England-00-6667

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Mortgage lending reached a 14 month hight in June but is still far below traditionally normal levels, according to the latest data from the Central Bank of England.

The Central Bank says mortgage approvals were up 35.2 per cent on June last year at 47,584 but this figure represented only about half the previous average figure of 93,400 monthly mortgage approvals - a figure established since 1993.

Interest in the property market has shown details of improvement in recent months as house prices have fallen and interest rates have remained low.

But questions remain over the stability of house prices and restictive lending criteria still being used by banks. Meanwhile, there is still a great deal of concern over the state of the economy and long term employment figures suggesting growth in mortgage lending will be slow at best.

Responding to today's figures Paul Samter, economist at the Council of Mortgage Lenders, said: "Activity is certainly more positive than at the start of the year. But the outlook is still sluggish, as capacity constraints on the lending industry and continuing deterioration ...
... in the labour market will act as a brake on the pick up."

He added any recovery will be "slow and drawn out".

The Central Bank of England data also showed an upturn in remortgage activeness.

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