Mortgage approvals on the increase

Updated

Mortgage approvals soared to their highest level in three-and-a-half years in May, although lending to businesses continues to shrink, official figures show.

There were 58,242 mortgage approvals for house purchases in May worth a total £8.7 billion, the Bank of England's Money and Credit survey showed. That was up from 54,354 in April and the highest level since December 2009.%VIRTUAL-SkimlinksPromo%

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