October gross lending up 13pc

Nia Williams

November 18, 2011

The figures reveal a 13% increase year on year, from £11.6bn in October 2010, but a 4% decrease from £13.7bn in September,

Bob Pannell, chief economist at the CML, said: “The underlying picture is the housing and mortgage markets has not changed dramatically over recent weeks.

“The immediate direction of house purchase activity is a little unclear, although the story for remortgages, with strong year-on-year increases in activity this year, is for the time being more straightforward.

“With the government’s housing strategy and autumn statement due shortly, the housing market, with subdued levels of new build and demand, offers a tried and tested means of providing a timely stimulus to the wider economy.”

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