Latest figures show that gross mortgage lending held steady in October, at an estimated £20.6 billion.
October’s figure, as published by the Council of Mortgage Lenders (CML), closely matches September’s gross lending total, which was £20.5 billion and is 5% lower than October last year, when gross mortgage lending amounted to £21.8 billion.
Mohammad Jamei, senior economist, CML, said:
“Housing market sentiment is holding up well, with demand still strong. This has led to a pick up in approvals, as expected.
The more pressing issue is on the supply side, where the lack of private sellers continues to be an obstacle for would-be borrowers.
For this reason, we expect lending in the months ahead to be driven more by remortgaging activity and less by house purchases. Remortgaging will be helped by competitively priced mortgage deals, which are encouraging borrowers to refinance.”
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