29 Oct

Figures reveal rise in mortgage lending

Figures reveal rise in mortgage lending

The level of mortgage lending was up in September, new figures have revealed.

Bank of England data showed that the number of mortgages taken out both for home purchases and as remortgages were higher than in August.

September's total of mortgages for purchase was up from 32,0000 to 33,000 with their value increasing from £4.1 billion to £4.2 billion, while those for remortgages increased from 64,000 worth £8.8 billion in total during August to 72,000 at £9.5 billion last month.

The figures were still below the six-monthly average for lending, but may represent signs that the market is starting to bounce back.

Commenting on the news, Royal Institution of Chartered Surveyors chief economist Oliver Gilmartin called it a "step in the right direction", although he said the recovery would be "subdued" because of the economic downturn.

However, he added: "The combination of aggressive interest rate cuts and recent falls in inter-bank lending costs offer some encouragement for the UK mortgage market."
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