MORTGAGE LENDING INCREASES BY 7%
3 years ago
A Total of £18.7 billion was advanced during the month,compared with just £17.5 billion during a "weak " September,the Council of Mortgage Lenders said.
But the figure was still 44% lower than the £33.38 billion let i October 2007,and it was also down on Augusts advances of £19.66 billion.Despite the increase in lending during October,the Council of Mortgage Lenders ( CML ) warned that demand was likely to remain subdued due to falling house prices and the deteriorating economy.
Michael Coogan,director general of the CML,said: " while lending in October ticked up from a low figure i the preceding month,the outlook is one of continuing weakness for the mortgage markets in comming months,despite the Bank rate cuts in October and November.