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Mortgage lending soars to 2008 levels as housing market strengthens

Mortgage lending soars to 2008 levels as housing market strengthens

Gross mortgage borrowing in October was £12.9 billion - a startling 26 per cent higher than a year ago and the highest since August 2008. 

Figures from the British Banking Association show that the number of approvals was up a similar proportion - 27 per cent more approvals than a year ago. Remortgaging was up 34 per cent and house purchase was up 21 per cent.

“These statistics show that housing market activity remained strong in October, with gross mortgage borrowing 26 per cent higher than a year ago and at its highest level for seven years” says Richard Woolhouse,  chief economist at the BBA. 

"Consumers remain confident and their incomes are growing. Mortgage rates are at multi-year lows and people are snapping up the very competitive deals being offered by banks."


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