Gross mortgage lending 'increased in October 2011'

Posted: 18 Nov 2011 17:00:31 GMT

October saw gross mortgage lending amount to £13.1 billion.

Gross mortgage lending was higher in October 2011 than it was in the same four-week period 12 months earlier, new research has shown.

Carried out by the Council of Mortgage Lenders (CML), the study revealed this level was 13 per cent greater than that recorded in October 2010 - rising from £11.6 billion to £13.1 billion.

However, this was four per cent lower than the £13.7 billion reported in September this year.

Bob Pannell, chief economist at CML - whose members make up 94 per cent of residential mortgage lending in the UK - noted there has been no dramatic change to the overall picture of the British housing market of late.

The industry figure observed: "The immediate direction of house purchase activity is a little unclear, although the story for remortgages ... is for the time being more straightforward."

He added the housing market still offers the government a tried and tested way of providing stimulus to the economy at large.
 

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