Gross mortgage lending in October stood at £18.9bn, some 6% higher than in September and 8% higher than the £17.5bn lent in October last year, although this annual growth largely reflects the growth of property prices, the latest figures from the British Banker's Association say.
Meanwhile net mortgage lending rose by £5.5bn, compared with £5.4bn in September and £4.7bn in October 2005. The average has been £5.5bn over recent months. There were a total of 198,242 mortgage approvals in October, with an aggregate value of £21.8bn. The number of approvals was 2.3% higher than in October 2005 while their value was some 15.5% higher. The average loan approved for house purchase was £144,200, 11% higher than a year ago. David Dooks, BBA director of statistics, says: “The secured lending market undoubtedly remains robust, but after discounting price growth, lending v...
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