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Mortgage lending up slightly for October
20 November 2008 16:47
The total amount of mortgages leant in the UK over October showed a slight increase over the previous month, it has been revealed.
Data published by the Council of Mortgage Lenders (CML) shows that gross borrowing totalled as about £18.7 billion - a month-on-month increase of almost seven per cent.
Despite this promising statistic, the CML remains pessimistic in its assessment, highlighting that mortgage lending is still 44 per cent lower than it was this time last year.
Michael Coogan, director general of the CML, said that while the lending had picked up slightly, the outlook remained poor for the mortgage and housing markets in the coming months.
He added that while consumer confidence was low, any recovery in lending was being stifled by the ongoing shortage of mortgage funding.
Because of this, he concluded, it was urgent that the government introduced economic measures that would encourage firms to begin lending mortgages again.
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