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Mortgage lending up £1.5bn in November

Mortgage lending increased by £1.5bn in November 2009, according to the Bank of England’s latest figures.

The Bank says net lending secured on dwellings increased by £1.5bn, higher than the October increase of £1.1bn and the previous six-month average of £700m.

The number of loan approvals for house purchase, 60,518, was higher than the October figure of 57,718 and the previous six-month average. Also, approvals for remortgaging of 24,897 were slightly higher than in October but remained below the previous six-month average

Mortgage Advice Bureau head of lending Brian Murphy says: “The mortgage market continues to strengthen. The number of mortgage products available is rising and so, just as importantly, is people’s confidence.

“Importantly, many people who have the money for deposits but who have been sitting on their hands expecting prices to continue to fall are now worried that house prices may not drop back after all and that they need to buy soon before prices run away from them.”

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