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Mortgage lenders' council reports resilience

Fri, 18 Nov 2005

Mortgage lending slipped slightly in October, but lending figures reported were still some of the highest on record, reports the Council of Mortgage Lenders (CML).

Gross lending by mortgage lenders fell be three per cent last month to an estimated total of £27 billion.

This shows growth of 16 per cent since October 2004, but is slightly down from September's total of £27.7 billion.

The slight fall in mortgage lending demonstrates buoyancy in the mortgage market, the CML believes, as lending usually slows down more considerably in October.

"The resilience of lending activity in recent months contrasts sharply with the ongoing uncertainty about household finances and consumer confidence," comments Michael Coogan, director general of the CML.

The CML predicts that gross mortgage advances will reach an estimated £280 billion this year, which is similar to the reported levels in the last two years.

Mr Coogan adds that the Bank of England's decision in November to hold interest rates steady was "widely expected" and that the market still expects "broadly flat" interest rates next year.

"In this environment, we believe the housing market will stabilise around current levels," Mr Coogan concludes.

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