October gross mortgage lending up 13% year-on-year

Gross mortgage lending totalled £13.1bn in October, a 13 per cent increase on the £11.6bn lent in October 2010, according to data from the Council of Mortgage Lenders.

The figure represents a 4 per cent fall compared to September’s gross lending of £13.7bn.

CML chief economist Bob Pannell says: “The underlying picture in the housing and mortgage markets has not changed dramatically over recent weeks.

“The immediate direction of house purchase activity is a little unclear, although the story for remortgages, with strong year-on-year increases in activity this year, is for the time being more straightforward.”