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Seasonal fall in mortgage lending

Mortgage lending fell by 13 per cent to £14.3bn in September, from £16.5bn in August, but still up from £10.1bn in September 2000.

The figures are for completed mortgages and therefore do not show the effects of the attacks of September 11.

CML director general Michael Coogan says: “These figures are based on mortgage completions, so it is too early to detect any impact the events of 11 September may have had on the housing market. Most of the sharp fall in September&#39s lending reflects the normal seasonal pattern, which sees a peak in lending during the summer, followed by a decline in the autumn.”

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