Mortgage approvals by the Bank of England (BoE) have increased by 5,000 between September and October, new figures reveal.
Total net
mortgage lending to individuals crept up £8.9 billion in October, which was not only higher than the previous month, but also above the previous six-month average.
Fewer people were looking to
find a remortgage in October, with the figure dipping slightly by 2,000.
Mortgage approvals for new home purchases went up by 5,000, according to the figures released today.
Consumer
credit totalled £1.3 billion, which is up from September's figures.
Credit card purchases showed a significant boost, while
personal loans, overdrafts and other advances were slightly lower.
The annual growth rate for mortgage lending to individuals weakened again to 10.2 per cent. For
consumer credit the growth rate went down to 10.5 per cent last month.
Commenting on figures released by the major British banking groups last week, David Dooks of the British Bankers' Association said net mortgage lending is on "a clear downward path".
"The mortgage market seems particularly resilient as we enter what is usually a period of lower demand," he added.
