Data from Moneyfacts showed that the average two-year fixed residential mortgage sat at 5.62% on Wednesday, with a five-year at 5.66%. <\/p>\n
Experts have indicated that the modest rise in mortgage approvals could point to some economic stability after recent Bank of England decisions to hold interest rates at 3.75%. <\/p>\n
Nathan Emerson, chief executive at Propertymark, said: “The increase in net mortgage approvals for house purchases in June suggests that buyers responded positively to a period of relative economic stability. <\/p>\n
“However, approvals remained below the average recorded over the previous six months, indicating that while confidence may be improving, activity has yet to fully recover.” <\/p>\n
The Bank of England data also showed that net borrowing of consumer credit increased to \u00a31.8 billion from \u00a31.7 billion in May. <\/p>\n
Credit card lending was a key driver of this, rising to \u00a30.9 billion for June from \u00a30.6 billion in May. <\/p>\n
Other forms of consumer credit, such as car loans and personal loans, decreased. <\/p>\n
Gareth Lewis, deputy chief executive of specialist lender MT Finance, said: “There urgently needs to be some stimulus for the housing market, with the new Prime Minister required to do something to encourage transactions and activity, which will also benefit the wider economy. <\/p>\n
“Volatile funding rates are the real issue; while everything pointed towards a lower interest rate environment this year, the impact of war in the Middle East has since changed this outlook.” <\/p>\n","protected":false},"excerpt":{"rendered":"Mortgage lending was higher last month despite increases in rates for homeowners, according to Bank of England figures.…\n","protected":false},"author":2,"featured_media":610568,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[174],"tags":[7440,79,226341,179,18,19,5389,17,139015,257788,16667],"class_list":["post-610567","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-bank-of-england","tag-business","tag-economic-stability","tag-economy","tag-eire","tag-ie","tag-interest-rates","tag-ireland","tag-mortgage-approvals","tag-mortgage-lending","tag-mortgage-rates"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ie\/117005329831134067","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/610567","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=610567"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/610567\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/610568"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=610567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=610567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=610567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}