Gross mortgage lending at highest for 11 months
There are signs that the market weakness of recent months may be coming to an end according to CML
Our forward estimate is that total gross lending recovered to £12.9 billion in October. This would reverse the sharp dip reported for September, and imply that lending was 4% higher than the year earlier.
House purchase and remortgage activity are both likely to have picked up in October, in keeping with the underlying improvement in Bank of England approvals data over recent months.
Special factors have distorted the monthly pattern of house purchase activity, but the underlying picture appears to have settled into a pattern of modest year-on-year growth.