Mortgage lending rises in October

Tue, 01 Dec 2009

New figures have revealed that the amount of mortgage lending by banks and building societies in October rose by £0.9 billion to a 19-month high.

Released by the Bank of England, the research showed that the three-month annualised growth rate was also up by 0.4 per cent to one per cent.

Mortgage lending is up 0.8 per cent year-on-year, according to the report, although the growth rate has not increased in the last month.

Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, commented: "While this is still way down on the level of lending seen at the height of the boom in the market, it does suggest that there is now a little more give from lenders ."

Recent statistics from the Council of Mortgage Lenders indicated that the number of home loans being taken out in September rose two per cent on the previous month's figures.
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