Gross mortgage lending up 5% in October

According to the Council of Mortgage Lenders (CML), lending was an estimated £13.5bn last month, a 5% rise from the £12.9bn in September but down 27% on the £18.5bn recorded in October last year. The CML says the move is "typical seasonal activity" between September and October, pointing out the average monthly rise over the last decade has been 5%. However, it says the annual comparison should start to improve in the coming months as underlying lending volumes dropped sharply in the latter part of 2008 and early 2009. CML economist Paul Samter says: "There has been a significant c...