Mortgage lending dips in September

The BBA says underlying net mortgage lending rose by £5.4bn, compared with £5.9bn in August and the average of £5.6bn over recent months. But bit was still far higher than the £4.8bn achieved in September 2005. There were 183,090 mortgage approvals in September, with an aggregate value of £19.3bn. The number of approvals was 8% lower than in September 2005, though their value was 1% higher, says the BBA. The average loan approved for house purchase was £140,400, some 8% higher than a year earlier. David Dooks, BBA director of statistics, says: “Though September’s net mortgage lending was...