Mortgage lending by high street banks increased by 8% in June, compared with the same month last year.
Remortgaging loans were 20% higher and house purchase loans rose 6.2% in the same period.
Chief Economist at the British Bankers Association, Richard Woolhouse, comments: “The housing market is beginning to hot up again, as we’ve seen a pick-up in the number of mortgage approvals for the last month.”1
He believes the increase in remortgaging is due to people moving to new fixed deals before interest rates rise.
In total, there were 75,636 loans in June, of which 44,488 were for house purchases, up from 41,864 in June 2014.
1 http://www.propertyindustryeye.com/housing-market-beginning-to-hot-up-say-lenders/