Mortgage lending suggests housing market stability
Banks' mortgage lending slowed in October suggesting the housing market is stable but not likely to recover quickly.
Figures from British Bankers Association showed an increase in mortgage lending of £4.3bn in October, down from £4.7bn in September and below the average monthly total of £4.4bn over the past six months.
The figures, though, were slightly at odds with building society lending, which showed an increase over the past month.
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The Building Societies Association reported October mortgage approvals rose to £4.2bn from £3.8bn, while the Council of Mortgage Lenders said gross mortgage lending was £27bn in October, down from £27.7bn, but still one of the best months ever and up 16% on last year.
In a statement, BBA director of statistics David Dooks said the figures indicated broad stability in housing and little prospect of big moves upward or downward in the near term.
