Mortgage lending improved in October by 7 percent

According to the Council of Mortgage lenders we saw an improvement in mortgage lending of 7 percent in October, this being the first rise since July this year, but unfortunately is still 44 percent lower than in October 2007.

Last October mortgage lending totaled 33.4 billion whereas this October total mortgage lending was 18.7 billion although this is up from 17.5 billion in September.

Despite the Bank of England (BOE) base interest rate cuts the mortgage and housing market still looks gloomy, the outlook continues to show the market weakening even though October improved the figure in the previous month according to the CML.

It’s not just consumer confidents being affected by the ailing economic conditions the credit freeze and shortage of mortgage funding is also paying a huge part in the problem.

At present there are 11.7 million mortgages that total 1.2 trillion pounds in value.

Source: Reuters