New figures released yesterday by UK Finance suggested that the UK property market was still bouyant in July, despite concerns over the current political landscape. The figures showed over that in excess of 95,000 mortgages were approved by UK high street banks in July, representing a gross mortgage lending of over £26.1 billion. The figures for individual mortgage approvals are the highest since July 2009, when almost 100,000 mortgages were approved.
Looking at the year on year results, the figures show a rise of over 16% in the number of home purchase mortgages, with the lending figure approximately 2.9% higher than for July 2018. Whilst the figures only represent lending from the high street, it does present a positive reflection on the UK property market.
Whilst many would suggest that the figures are merely symptomatic of the more competitive mortgages currently on offer through the high stree, the coming months are likely to provide more clarity as to whether these figures are part of a longer term trend.
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