There was a fall in the number of mortgages approved in June, according to latest statistics from the Bank of England.
There were 102,278 home loans approved, circa 1,200 fewer than in May.
At the same time, the total value of mortgages approved rose from £13.9 billion in May to £14 billion.
Brian Murphy, head of lending at Mortgage Advice Bureau (MAB), said: “House purchase loans remained upbeat in June; up by nearly 3,000 compared to the previous six month average. While there was a minor reduction in the total number of loans since May 2013, total value was up to £14 billion, maintaining steady optimism for further market recovery.
“Buyer attention has been captured by fixed rate deals that have kept on falling, while product numbers were back up to nearly 10,000 in June. The government’s Help to Buy initiative has also stirred interest, with a number of high street lenders putting forward competitive products specifically for the scheme.
“Although the market is showing signs of progress, the number of mortgage approvals is still less than half of its peak ten years ago. While its improvement is promising, there is still much to be done before we can be assured of the sectors’ return to glory.”
