Mortgage figures show market strong

Posted: 30 Nov 2006 09:59:21 GMT

The mortgage market has remained strong, lending figures for October have shown, with overall lending up six per cent on September to a total £18.9 billion

The mortgage market has remained strong, lending figures for October have shown, with overall lending up six per cent on September to a total £18.9 billion.

The figure was also up eight per cent on the same period of 2005, while mortgage approvals reached 198,242, up from 183,090 in September, driven by remortgaging.

The surge was believed to have been powered by homeowners remortgaging early to beat the widely-tipped November rate rise, reported the British Bankers Association (BBA).

"Approvals have held up well despite the August rate hike," Allan Monks of JP Morgan told the Times. "That sends a signal that housing activity continues to run strong.

"But with rates having moved up again in November, we would expect to see some moderation in approvals late this year and into 2007."

Underlying mortgage lending rose by £5.5 billion, compared to £5.4 billion in September and £4.7 billion in October.

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