Figures reveal October rise in mortgage lending
Mortgage lending rose in October, according to new figures from the
Council of Mortgage Lenders (CML).
The CML revealed today that the total lent in October was
£18.7 billion, up by nearly seven per cent on September's
total of £17.5 billion.
Such a recovery may hint at the start of a wider improvement in the
However, the CML emphasised that this figure was still much lower
than last year's levels of borrowing and called on the government
to do more to increase mortgage finance.
Director general Michael Coogan said the government should publish
the findings of the Crosby Report on the mortgage finance issue
alongside its pre-Budget statement next week.
It should then announce "concrete steps that will enable and
encourage firms to increase mortgage loans", he added.
Mortgages may become cheaper as a consequence of another possible
interest rate cut in the near future.
The prospects of this appeared to rise when minutes of the November
meeting of the Bank of England's monetary policy committee revealed
that the body considered a two per cent reduction, with some
deciding not to push for this on the basis that they wanted to keep
this option in reserve for the coming months.