Mortgage approvals subdued despite rise says Bank of England

The number of mortgages approved for home buyers, but not yet lent, rose in July, according to the Bank of England lending figures.

Mortgage approvals increased in July - up to 47,312 from 44,124 in June.

Despite the increase, the figures are still less than the average lending figures for the previous six months suggesting that a significant recovery in the market is still a long way off.

Philip Shaw, Chief Economist at Investec says "it does offer some hope we're not entering a new major housing downturn, perhaps we're back in a period of stabilisation once again, which isn't too bad news".

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