Mortgage lending breaks monthly record says CML

Posted: 20 Nov 2006 11:10:22 GMT

Overall mortgage lending once again broke all previous monthly records during October, Council of Mortgage Lending (CML) figures show, rising to £30.3 billion

Overall mortgage lending once again broke all previous monthly records during October, Council of Mortgage Lending (CML) figures show, rising to £30.3 billion.

While down from August's all-time high monthly figures, lending was up 12 per cent on the £27 billion loaned in the same period of the year before.

"For yet another month the housing market is proving itself to be in robust shape," said CML director Michael Coogan.

"Housing demand and mortgage approvals have been strong over recent months, despite the rise in interest rates. House price growth is also strong, so we expect to see lending remaining at high levels through the new year."

Mr Coogan said that this month's second increase in borrowing costs was likely to have a greater effect on the market and to cause modest cooling on prices and activity in 2007.


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