House prices rose £37 a day in 2013 as new mortgage approvals also soar, figures reveal
01-04-2014
By Graham Hiscott
The average home shot up 8.4% in value while the number of mortgage approvals surged to its highest level in nearly six years
On the move: House prices continued to rise in 2013
PA
House prices rose £37 a day last year, with mortgage lending soaring, figures revealed today.
The average home shot up 8.4% in value to £175,826 in December, according to Nationwide.
Prices were up in every part of the UK last month, led by a near-15% surge in London.
Prime Minister David Cameron this week rejected fears that Government-backed funding schemes such as Help to Buy had fuelled a housing bubble.
Yet separate data also showed the number of mortgage approvals surged to its highest level in nearly six years.
The Bank of England said 70,758 loans worth £11.1billion were approved for house purchase in November.
But the revival seen in the housing market wasn’t extended to business lending.
The Bank of England said it fell by £4.7billion in November, marking the biggest slide since spring 2011.
Meanwhile, credit card lending hit a record £57.4billion high.