13.09.201007:10:00UTC+00U.K. Mortgage Lending 'Still Subdued'

The number of loans made for home purchases in the U.K. rose in July but was still weak, fresh data showed on Monday.

The Council of Mortgage Lenders said the number of loans taken for home purchases rose 7% in volume and 9% in value terms in July compared to June. On a yearly basis, home loans increased 6% in volume and 15% in value terms.

Remortgage loans were unchanged in both volume and value terms compared to June. On a yearly basis, remortgage loans fell 29% in both volume and value.

The group said the numbers showed a seasonal uplift, although the market was still "very weak" in what is traditionally a strong month. "Lending criteria remain tight, underpinned by caution on the part of both borrowers and lenders in the light of continuing economic uncertainty," said CML economist Paul Samter.

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