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Gross mortgage lending on the rise

Gross mortgage lending across the UK actually rose in October by just over £1bn.

Council of Mortgage Lenders data shows that gross mortgage lending totalled an estimated £18.7bn in October, almost 7 per cent higher than what the CML says was an admittedly weak £17.5bn lent in September.

Although the CML says the monthly total was 44 per cent lower than gross mortgage lending of £33.4bn in October 2007.

CML director general Michael Coogan says: “While lending in October ticked up from a low figure in the preceding month, the outlook is one of continuing weakness for housing and mortgage markets in the coming months, despite the Bank rate cuts in October and November.

“Consumer confidence is now being affected by the worsening economic outlook. However, any recovery in lending is also being held back by the continuing shortage of mortgage funding. The government should therefore publish the delayed Crosby review as part of the forthcoming pre-Budget report and announce concrete steps that will enable and encourage firms to increase mortgage loans.”

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