The recent slowdown in the
Approvals increased more than expected to 67,196, up from 62,007 in May, according to the Bank of
Economists said the figures suggested lenders were getting to grips with the new rules that came into effect under the mortgage market review (MMR) in April. The tougher rules require lenders to take additional steps to ensure people will be able to afford their mortgage repayments.
"The disruption caused by the MMR appears to be passing, with the Bank of
"On balance, mortgage lending is likely to rise at a slow but steady pace over the rest of the year. In turn, that is consistent with further gains in house prices, although at a slower pace than that seen over the past 12 months."
Lending to businesses, however, fell by £3.4bn in June, following a £2.3bn rise in May according to the Bank's data.
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