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Mortgage lending shows seasonal fall

Gross lending fell by 6 per cent to £9.5bn in January from £10.1bn in December, according to monthly figures compiled by the Council of Mortgage lenders and the Department for the Environment, Transport and the Regions.

January traditionally sees a fall, but gross lending was still up 28 per cent on the £7.4bn gross lending for January 1999.

Most of this increase was due to strong levels of remortgaging, but lending for house purchases was still up 11 per cent at £5.8bn in January 2000 from £5.2bn in January 1999.

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