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Rise in house purchase lending

Overall lending for house purchase rose by both volume and value in July compared to the previous month, according to data released by the Council of Mortgage Lenders. The value increased from £6.9 billion to £7.3 billion and the volume from 47,800 to 48,800. Both were at their highest since last August, though lower than July 2010.

Lending to first-time buyers hit its highest level in a year in July. The value rose to £2.3 billion, from £2.2 billion in June and was the highest monthly total since last July (£2.4 billion). By number, there were fewer loans to first-time buyers – 18,200 first-time buyer loans, down from 18,500 in June and 19,500 in July 2010.

Both the number and value of loans to home movers increased in July. Around 30,600 loans were advanced – up by 4% compared to the previous month, while the value totalled £5 billion – up by 6% compared to June. Compared to July last year lending to home-movers was down by 15% (17% by value).