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British home loan approvals hit 15-month high in June
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21:39, July 23, 2009

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The British Bankers' Association (BBA) announced Thursday that 35,235 home loans were approved in June, the highest number since March 2008.

The figure marked a 61-percent rise in approvals from the same period last year, indicating an additional sign that banks are becoming more willing to lend.

Net mortgage lending, which strips out redemptions and repayments, also edged higher, by 5.1 percent year on year to 2.6 billion pounds (4.2 billion U.S. dollars) in June.

Although the figures show improvement in the aftermath of the autumn financial crisis, they also reveal how far the market has plunged in the past year.

Gross lending remains 46 percent below a year earlier, while net lending is still nearly half the long-term monthly average.

David Dooks, BBA statistics director, said lending is not recovering as quickly outside the mortgage market, while borrowing by non-financial companies continues to be weak.

Source: Xinhua

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