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July sees rise in mortgage lending

There has been a rise in both the number and value of loans issued for house buying, new figures have revealed.

In July, lending values hit £7.3 billion, up from £6.9 billion in the previous month, while the volume also rose from 47,800 to 48,800, the Council of Mortgage Lenders said.

Both figures are the highest levels seen since August 2010, although they are still lower than July last year.

Last month also saw a rise in lending to first-time buyers, increasing from £2.2 billion in June to £2.3 billion - the highest figure since July 2010 when the number reached £2.4 billion.

But the volume of lending to first-time buyers fell last month and was down on July 2010. Some 18,200 loans were approved, compared to 18,500 in June and 19,500 over the same period last year.

And the month also saw the number of property remortgages increase. In July, 31,500 remortgages took place which were worth £4 billion, up from 31,300 worth £3.8 billion in June.

Copyright © Press Association 2011

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