Mortgage lending totals £12.9bn in September

Gross mortgage lending was at an estimated £12.9 billion in September.

Builders in Inverness may be buoyed by the statistic from the Council of Mortgage Lenders (CML), which is four per cent higher than the figure from 12 months ago. It means the third quarter saw some £38.6 billion advanced for home purchases – up 15 per cent on the previous three-month period.

CML chief economist Bob Pannell noted that the results point to good levels of house purchase and remortgage lending. “The housing market is very sensitive to wider household confidence and this seems likely to weaken over the coming months,” he added.

Earlier in the month, the body revealed that remortgaging activity in August had been over 30 per cent higher than 12 months before, as 34,100 loans taken out worth a total of £4.2 billion were advanced. This represents an increase both in terms of volume and value.

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