Mortgage approvals continue to rise
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Mortgage approvals for house purchase continued their steady climb in October rising to 57,345, figures from the Bank of England show.
In September the Bank recorded 56,205 approvals for house purchase worth £8bn, against an average of 50,618 over the last six months worth £6.7bn.
Remortgage approvals remained low at £3.2bn in both September and October, with the number of approvals going from 25,425 in September to 24,596 in October.
Some £4.3bn was approved on remortgages in July of this year, plunging to £3.6bn in August, before plateauing out at £3.2bn in September.
Total net lending secured on dwellings held steady in October at £900m, which was the same figure for September.
Total net lending to individuals, which has been rising since August, increased by £300m in October, compared to a £600m increase in September and a previous six-month average of £500m.
Consumer borrowing fell by a net £600m, below the average drop seen over the last six months of £100m.
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