Gross mortgage lending was an estimated £13.1 billion in October, a four per cent decrease from £13.7 billion in September and a 13 per cent increase from £11.6 billion in October 2010, according to data published today by the Council of Mortgage Lenders.
CML chief economist Bob Pannell said: “The underlying picture in 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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