Mortgage lending picks up…

housing sign

That Bank of England data shows borrowing was £3.7bn – close to the average of the previous three years – in June and a pick-up on May when it stood at £2.9bn.

The annual growth rate of mortgage lending remained stable at 3.1%, around the level that it has been at since 2016, the Bank of England said.

Mortgage approvals for house purchase, which are regarded as an indicator of future lending, increased by around 800 in June to 66,400 and the number of approvals for remortgaging rose slightly to 47,000.