Gross mortgage lending climbed 7% in October but still remains significantly lower than levels seen in 2007.
The Council of Mortgage Lenders (CML) says total lending hit £18.7bn last month, up from £17.5bn in September. However, gross lending has fallen 44% over the past twelve months, with £33.4bn recorded in October 2007. Commenting on the figure, Michael Coogan, director general of the CML, says while lending in October picked up from a low figure in the preceding month, the outlook was one of continuing weakness for housing and mortgage markets in the coming months, despite the Bank rate cuts in October and November. He adds: "Consumer confidence is now being affected by the worsening ...
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