Residential property conveyancing – July busier than June
Gross mortgage lending has remained mostly stable due to ongoing weaknesses in house purchases and remortgaging approvals. Net mortgage lending increased by only £0.9bn in July as repayments continued at a fairly high level.
Residential conveyancing firms will have been more hectic with house purchases in July which saw 74,590 mortgages approved compared to June when 71,521 were approved.
House purchase approvals were also higher in July than June, and higher than July 2010.
Remortgage numbers were up in July, with 1,732 more approved than the preceding month. This represents a 14% increase from July last year. It is reported that remortgaging may have been motivated by a growth in the buy-to-let market.
David Brooks, BBA statistics director, has stated that high street banks have provided nearly three-quarters of all new mortgage lending over the past two years which have been slow for property sales.
Brooks said, “Demand for borrowing from both households and companies continues to be weak reflecting the slow growth in the economy.”News