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U.K. mortgage approvals rose to 60,624 in July – the highest number in over five years – it was revealed today in Bank of England figures.

Richard Sexton, director of e.surv chartered surveyors, commented:

“The housing market is being lifted by a rising tide of mortgage lending. House purchase lending is 30% higher than last July, which reflects the drastic improvement in the availability of high LTV mortgages over the past year. The mortgage market is now much more accessible to first-time buyers, which has triggered a ripple of activity all the way up the housing ladder.

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