30 Nov

Bank of England reports net lending increase in October

Bank of England reports net lending increase in October

The Bank of England has released figures that show an increase in net lending to individuals in October by £0.3 billion over the previous month.

Loan approvals for house purchases also rose in October, increasing by more than 1,000 - to reach 57,345 - compared with September.

Stephen Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors (RICS), commented: "While this [the level of net secured lending] is still way down on the level of lending seen at the height of the boom market, it does suggest that there is now a little more give from lenders."

Mr Rubinsohn added that house prices are expected to rise further in the new year as a result of the shortage of properties on the market compared with the growing demand.

According to RICS, the number of new instructions for estate agents is at a historically low level and demand for houses is outstripping the supply, putting upward pressure on property values.
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