Mortgage lending up

Mortgage lending rose 7 per cent in October according to the Council of Mortgage Lenders (CML). The figure is 44 per cent lower than in October 2007 and the CML said lending would remain weak over the next few months despite the recent interest rate cuts as consumer confidence has been affected. It also warned against placing too much significance on the October rise saying figures had not yet reached the bottom. This year is set to be known as the year which saw the biggest slump in house sales and prices on record.