UK net mortgage lending hit 5-year high in August: BBA

[LONDON] British banks approved the highest number of mortgages for house purchase last month since February 2014, and net mortgage lending hit a five-year high, monthly industry figures showed on Thursday.

The British Bankers' Association said its members approved 46,473 home loans in August, up from 46,315 in July and 40,454 a year ago.

Net mortgage lending was 1.955 billion pounds in cash terms, up from 1.701 billion in July and a level last exceeded in August 2010. "People are putting their money into bricks and mortar while interest rates are low and the timing of a likely rate rise remains uncertain," BBA chief economist Richard Woolhouse said.

REUTERS