RTTNews - Thursday, U.K.'s Council of Mortgage Lenders said loans approved for house purchase rose 4% month-on-month to 37,400 in May. However, it was a fall of 28% compared to the previous year.

House purchase lending is still depressed by historical standards, the CML said.

Remortgaging volumes remain extremely weak with 29,000 loans in May, a 9% fall from April and a 63% decline from a year earlier.

Since reaching a record 25% in February, the average first-time buyer deposit has remained unchanged in May. In addition, the typical first-time buyer income multiple has held at 2.97 from April.

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