UK mortgage lending at 11-month high

Mortgage lending in the UK reached an 11-month high in October, providing evidence that the housing market is finally picking up after a lull in recent months, lenders said today.

UK mortgage lending at 11-month high

Mortgage lending in the UK reached an 11-month high in October, providing evidence that the housing market is finally picking up after a lull in recent months, lenders said today.

Gross mortgage lending rose to £12.9bn (€16bn) and was 4% higher than the same month last year, indicating that a UK government scheme recently launched to boost lending is having an effect, the Council of Mortgage Lenders (CML) said.

The latest lending estimate marks a reversal of a sharp dip recorded in September, when loans worth £11.4bn (€14.2bn) were advanced.

The British Treasury and the Bank of England launched the £80bn (€99.6bn) funding for lending scheme at the start of August to kick-start lending to households and businesses and it has already resulted in an increase in the number of mortgages on the market, although many of the best deals so far have been aimed at people with larger deposits.

CML chief economist Bob Pannell said: “House purchase and remortgage activity both appear to have picked up recently, and this should be supported by an improvement in the availability and pricing of mortgages.

“The funding for lending scheme is likely to have made an early positive impact, helping to counter some of the negative pressures associated with a protracted and weak economic recovery.”

more courts articles

Man (25) in court charged with murdering his father and attempted murder of mother Man (25) in court charged with murdering his father and attempted murder of mother
Man appears in court charged with false imprisonment of woman in van Man appears in court charged with false imprisonment of woman in van
Man in court over alleged false imprisonment of woman Man in court over alleged false imprisonment of woman

More in this section

FILE PHOTO The Competition and Consumer Protection Commission has cleared the purchase of Goodbody Stockbrokers by AIB END Goodbody Stockbrokers fined over €1.2m by Central Bank over rules breaches
Nottingham City Centre Stock Irish staff at the Body Shop wait for wages as retailer shuts stores in the Republic
Ryanair comments on Norwegian Ryanair boss O'Leary's spat with Transport Minister over Dublin Airport escalates
IE logo
Devices


UNLIMITED ACCESS TO THE IRISH EXAMINER FOR TEAMS AND ORGANISATIONS
FIND OUT MORE

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
ie logo
Puzzles Logo

Play digital puzzles like crosswords, sudoku and a variety of word games including the popular Word Wheel

Lunchtime News
Newsletter

Keep up with the stories of the day with our lunchtime news wrap.

Sign up
Cookie Policy Privacy Policy Brand Safety FAQ Help Contact Us Terms and Conditions

© Examiner Echo Group Limited