An expected decline in mortgage lending towards the end of the year has now become apparent, data released by the Council of Mortgage lenders shows. Lending for both house purchase and remortgaging were affected by a lull in activity in October. There were 46,000 loans for house purchase (worth £6.7 billion), down 4% in number and 6% by value from September. The total was 16% lower (12% by value) than in October 2009, but lending numbers in the final quarter of 2009 were boosted as buyers brought forward transactions to take advantage of the stamp duty holiday.
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Article by the Council of Mortgage Lenders.
Data sourced from the CML/BankSearch Regulated Mortgage Survey.