Gross mortgage lending was £17.5bn in October, according to the latest figures from the British Banker's Association (BBA).
Though slightly lower than September’s figure £17.8bn, it was 15.7% higher than the £15.1bn in October 2004 making it the second highest monthly total since July 2004, says the BBA. Seasonally adjusted net mortgage lending also rose by £4.2bn, compared with £4.7bn in September and £4.4bn in October 2004 and again while this was lower than September this was only slightly down on the average of £4.4bn over the previous six months. The BBA says this will produce an annual growth rate of just below 12% for 2005. There were 193,731 mortgage approvals in October, with a total value of £18.8b...
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