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Mortgage approvals rise 0.3%

Mortgage approvals rose 0.3% last month, according to the latest figures out from the Bank of England.

Approvals rose from 48,562 to 48,722 in July, remaining above the previous six-month average of 48,546, according to the figures out this morning.

Net lending secured on dwellings increased by £0.1bn, which is below the June increase of £0.5bn and the previous six-month average of £0.8bn.

Meanwhile, approvals for remortgaging (26,951) were up on June and also higher than the previous six-month average of 26,235.

Simon Rubinsohn, Royal Institution of Chartered Institute chief economist says: “A lack of mortgage finance remains a key problem for many borrowers looking to take their first step on the property ladder, with the high deposits required still proving to be an obstacle for many.

"Uncertainty over the outlook for the market may also be discouraging would be buyers."

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