Mortgage lending rises again

UK mortgage lending has continued to rise at a faster pace than in recent months, data from the Bank of England has revealed.

Figures for October showed a £0.9 billion rise, the same figure as seen in September but up on the six-monthly average of £0.6 billion.

The total amount borrowed for house purchases rose by £0.4 billion month-month to £8 billion, while the tally of homebuyer loans increased from 56,205 to 57,345.

Remortgaging also held steady at £3.2 billion, although there were fewer transactions.

Royal Institution of Chartered Surveyors chief economist Simon Rubinsohn said the increase in lending over the past three months had been nearly £3 billion, compared to £443 million in the previous quarter.

Such a trend suggests lenders are displaying “a little more give” when it comes to agreeing applications, he suggested, although he stated the future health of the market needs a faster increase in the supply of homes for sale than is happening at present.

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