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October mortgage lending down 20%

Mortgage lending slumped by 20 per cent last month compared with the same period last year, according to figures from the Council of Mortgage Lenders.

The monthly CML and Department of Environment, Transport and the Regions survey found loans for home purchase fell in October to £163;6.1bn from £163;6.4bn in the same month last year.

Despite the overall fall, remortgaging increased by 38 per cent in October to £163;3.3bn from £163;2.4bn in October last year.

The number of loans for house purchase fell from 91,000 in September to 87,000 in October but the proportion of loans to first-time buyers increased to 46 per cent from 42 per cent in the same period,with an average borrowing of £163;59,418 at 2.28 times income.

Monthly figures from the Building Societies Association also show a downturn in net advances to £163;803m in October from £163;841m in September, with loan approvals also down to £163;2.23bn from £163;2.28bn over the same period.

CML deputy director Peter Williams says: “While both the number and value of loans for house purchase have dec reased year on year, remortgaging activity remains very strong and is accounting for an increasing share of total lending.”

BSA director-general Adrian Coles says: “All the building society lending figures rose in October, on a seasonally adjus ted basis, to the second highest figures of the year.”

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