The numbers of approvals for house purchase and remortgaging continued the upward trend seen since the turn of the year as assistance schemes for mortgage lending helped first-time buyers, the British Bankers' Association said Tuesday.
Mortgage approvals totaled 37,278 in June compared to 36,290 in the previous month. But the figure was below the 38,300 level forecast by economists. Re-mortgage, meanwhile, decreased slightly to 20,478 from 20,670 a month ago.
The total number of mortgages including house purchases, re-mortgage and other secured borrowing rose to 66,917 from 65,993 last month.
BBA statistics director, David Dooks said, "Second quarter GDP is expected to have strengthened and as economic conditions improve the banks are providing the finance to help growth."
"However, household savings, though still growing at 5 percent, seem to be slowing," said Dooks.
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