Mortgage approvals are not reducing as dramatically as preliminary reports suggested, claims the Council of Mortgage Lenders (CML).

Following a report by the Bank of England that revealed net consumer credit growth more during the month of October than in September.

It also stated that consumer credit's annual growth rate increased by 0.2 per cent to 5.8 per cent and the three-month annualised growth rate rose by 0.5 per cent to 7.3 per cent.

Sue Anderson, head of member and external relations at the CML, claimed the results proved the lending industry was holding up better than preliminary surveys such as the British Banker's Association predicted.

"Naturally there is a slowdown and that reflects a mixture of what we've been expecting to happen at this point in the year anyway and the exacerbating factors of the slowdown in funding," she said.

However the Bank's results are stronger than expected, she added, claiming this was positive news for the industry.

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