British house loans hit 20-month high

The number of British house purchase loans hit a 20-month high in December, according to the Bank of England.

The Bank’s latest lending figures, according to an article on the Royal Institute of Chartered Surveyors (RICS) website, show that 122 000 loans were taken out for house purchase in December, up from 116 000 in November and well above the 106 000 average recorded over the previous six months.

The total was 50,6% higher than the 81 000 recorded in December 2004 and 60,5% higher than the low point reached in November 2004 (76 000). The December figures were the highest recorded since May 2004 (also 122 000).

The British Banking Association’s latest figures show that 51 233 mortgages were approved for house purchase in December, a 27,9% increase on the same month in the previous year.
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