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Mortgage lending grows by 6 per cent in October

Gross mortgage lending has increased by 6 per cent in October rising to an estimated £32.4bn, according to the Council of Mortgage Lenders.

This is up from £30.6bn in September and £30.6bn in October last year.

While the increase is higher than the 3 per cent seasonal rise that might typically be expected between September and October, the figure predominantly reflects applications and approvals from before the mortgage market became affected by wholesale funding problems.

The CML says: “We expect mortgage advances to be somewhat lower over the rest of the fourth quarter, reflecting the Bank of England’s data that shows mortgage approvals have declined during the third quarter.”

CML director general Michael Coogan says: “The next few months will be a testing time as ongoing pressures in financial markets feed through into the wider economy. Funding constraints will continue to restrict lending activity and make loans more expensive. The Bank of England’s recent Quarterly Inflation Report reinforced the likelihood of a reduction in rates early next year, and that should provide some relief for borrowers sooner rather than later.”

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