Mortgage approvals in UK rise but recovery not in sight

The number of mortgages approved for home buyers, but not yet lent, were up in July,  the Bank of England (BoE) lending figures showed.
Mortgage approvals rose in July - up to 47,312 from 44,124 in June.

Despite the increase, the figures were still less than the average lending figures for the previous six months that showed a significant recovery in the market was still a long way off.

Philip Shaw, chief economist at Investec, said , perhaps a period of stabilisation would be seen once again.