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| Mortgage approvals down slightly in June | Mortgage approvals down slightly in June |
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| The number of mortgages approved for house purchases dipped slightly in June from the three-and-a-half-year high recorded in May, according to the latest figures from the Bank of England. | The number of mortgages approved for house purchases dipped slightly in June from the three-and-a-half-year high recorded in May, according to the latest figures from the Bank of England. |
| A total of 102,278 home loans were approved during the month, about 1,200 fewer than the previous month. However, the total value of mortgages approved increased from £13.9bn in May to £14bn. | A total of 102,278 home loans were approved during the month, about 1,200 fewer than the previous month. However, the total value of mortgages approved increased from £13.9bn in May to £14bn. |
| The value of mortgages advanced over the month also rose, to £14.4bn, as did repayments. Borrowers paid off £13.7bn of mortgage debt, meaning net lending added up to £700m. | The value of mortgages advanced over the month also rose, to £14.4bn, as did repayments. Borrowers paid off £13.7bn of mortgage debt, meaning net lending added up to £700m. |
| Dr Howard Archer, chief UK economist at IHS Global Insight, said the fall back was a surprise. "However, June's small dip followed a particularly marked increase in May, and it is notable that mortgage approvals in June were still at their second highest level since December 2009 and were up by 21.5% year-on-year. | Dr Howard Archer, chief UK economist at IHS Global Insight, said the fall back was a surprise. "However, June's small dip followed a particularly marked increase in May, and it is notable that mortgage approvals in June were still at their second highest level since December 2009 and were up by 21.5% year-on-year. |
| "As such, the small dip in mortgage approvals in June does not fundamentally change the view that housing market activity has stepped up a gear overall recently." | "As such, the small dip in mortgage approvals in June does not fundamentally change the view that housing market activity has stepped up a gear overall recently." |
| The Bank's figures showed that lenders approved 57,667 mortgages for house purchases in June, which although below the 58,071 recorded in May was still markedly up on the average of 54,798 over the previous six months. | The Bank's figures showed that lenders approved 57,667 mortgages for house purchases in June, which although below the 58,071 recorded in May was still markedly up on the average of 54,798 over the previous six months. |
| Remortgaging activity was also above the monthly average for the first part of 2013, at 31,486 approvals compared to a six-month average of 29,216. | Remortgaging activity was also above the monthly average for the first part of 2013, at 31,486 approvals compared to a six-month average of 29,216. |
| The mortgage market has been staging something of a recovery since the start of 2013, buoyed by the return of first-time buyers who are increasingly able to access loans. | The mortgage market has been staging something of a recovery since the start of 2013, buoyed by the return of first-time buyers who are increasingly able to access loans. |
| Analysis by mortgage lender Halifax showed the number of first-time buyers in the first six months of 2013 was 19% higher than in the same period of 2012 and the highest total for the first half of a year since 2007, shortly before the housing market peaked. | Analysis by mortgage lender Halifax showed the number of first-time buyers in the first six months of 2013 was 19% higher than in the same period of 2012 and the highest total for the first half of a year since 2007, shortly before the housing market peaked. |
| Halifax said 120,000 new borrowers had entered the property market between January and June, making up 44% of house purchasers over the period. | Halifax said 120,000 new borrowers had entered the property market between January and June, making up 44% of house purchasers over the period. |
| The number of new entrants to the market has been driven up by the government's stimulus to make mortgages more easily available to those with small deposits. The Funding for Lending scheme launched in August 2012 has encouraged lenders to offer better prices on loans, while the first part of the Help to Buy scheme has offered support to buyers looking for new-build homes. | The number of new entrants to the market has been driven up by the government's stimulus to make mortgages more easily available to those with small deposits. The Funding for Lending scheme launched in August 2012 has encouraged lenders to offer better prices on loans, while the first part of the Help to Buy scheme has offered support to buyers looking for new-build homes. |
| Craig McKinlay, mortgages director at Halifax, said: "The increased availability and reduced pricing of higher loan-to-value mortgages introduced over the past year or so have clearly contributed to the number of first-time buyers rising to a six-year high. | Craig McKinlay, mortgages director at Halifax, said: "The increased availability and reduced pricing of higher loan-to-value mortgages introduced over the past year or so have clearly contributed to the number of first-time buyers rising to a six-year high. |
| "The significant increase in first-time buyers is encouraging, although the number of those buying their first home still remains low by recent historical standards." | "The significant increase in first-time buyers is encouraging, although the number of those buying their first home still remains low by recent historical standards." |
| The Bank of England's figures also showed a fall in the take up of unsecured credit in June, with new borrowing through credit cards, loans and overdrafts adding up to £0.5bn, compared with a previous six-month average of £0.7bn. | The Bank of England's figures also showed a fall in the take up of unsecured credit in June, with new borrowing through credit cards, loans and overdrafts adding up to £0.5bn, compared with a previous six-month average of £0.7bn. |
| Credit card borrowing was slightly up on the six-month average, at £0.3bn against £0.2bn on the previous six months, but other loans and advances were down, at £0.2bn against a six-month trend of £0.5bn. | Credit card borrowing was slightly up on the six-month average, at £0.3bn against £0.2bn on the previous six months, but other loans and advances were down, at £0.2bn against a six-month trend of £0.5bn. |
| Top mortgages | Top mortgages |
| HSBC | HSBC |
| Post Office | |
| HSBC | HSBC |
| Provided by London & Country for the Guardian | Provided by London & Country for the Guardian |