August mortgage approvals rise again
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Mortgage approvals in Britain rose again in August, despite the surprise interest rate hike, according to new figures.
The British Bankers' Association said approvals for home loans rose 3% in August to 71,278 from a year earlier, following a 5% increase in July.
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Earlier this month the BBA also reported a record rise in underlying mortgage lending for August of £6.2bn.
BBA director of statistics David Dooks said, "Compared to the numbers of secured loans approved at the same time in previous years, August shows robust and stable demand orientated towards house purchase rather than for other purposes, though below the volumes seen in 2003."
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