Last month revealed a five per cent increase in
The tally for October was £13.5 million, compared with £12.9 million in September, which the CML said was a normal month-month rise at that time of year.
However, the amount lent was 27 per cent down from the October 2008 figures.
CML economist Paul Samter stated that the figures revealed two trends heading in different directions, with more
He stated: House purchase activity has picked up significantly. In contrast, remortgaging has dropped to decade-low levels as many borrowers have little incentive to refinance when they move onto low reversion rates.”
However, the lack of incentives to
The CML recently said less homes would be repossessed this year than expected, lowering its annual forecast from 75,000 to 48,000.