There’s good news for the housing market from new mortgage and remortgage approval figures showing growth in July after three flat months.
The data, from the Bank of England, reveals that there were 68,689 house purchase approvals in July, up from 65,318 in June. The figure for May was 65,574 and April 65,140.
The value of the July approvals was £12.4 billion, some £500m more than in June. The figures for May and April were £11.7m and £11.8m respectively.
Remortgaging in July accounted for 46,231 transactions and £8.1 billion - the previous month the figures were 44,838 and £7.9 billion.
Jeremy Leaf, north London estate agent and a former RICS residential chairman, says: “Even after the uncertainty of the General Election result and the beginning of serious Brexit negotiations, buyers and sellers are shrugging off concerns and getting on with moving. We’ve noticed, however, that deals are not being done unless sellers are prepared to be realistic and accept they may receive only one or very few offers on their properties compared with perhaps several 12 months earlier.”