Mortgage approvals rise in October says BoE
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Mortgage approvals ran at the highest level for almost 18 months in October according to the latest official figures from the Bank of England.
The figures echo similar numbers from the British Banking Association last Friday and suggest that the housing market, if not growing, has flattened out.
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Loan approvals rose to 113,000 in October from an upwardly revised 108,000 the month before. New mortgages are seen as a good measure of strength in the housing sector. Mortgage lending grew slightly to £7.6bn in October compared to £7.5bn in September.
The BoE added that consumer credit growth came in slightly weaker than expected, rising £1.27bn compared with £1.21bn in the previous month.
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