UK home loans surge

British mortgage lending increased by the greatest amount since 2008 after lenders approved the largest number of mortgages in more than a year and a half, adding to signs Britain’s housing market is heating up.

Data from the Bank of England yesterday showed both overall and mortgage lending recorded the biggest net increase since May 2008, before the global financial crisis had started to take a significant toll on Britain’s economy.

Mortgage approvals for house purchases numbered 71,030 in August, beating analysts’ expectations and up from 69,010 in July.