Mortgage approvals down in October

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Mortgage approvals down in October

The number of mortgage approvals during October decreased by nine per cent, says the Building Societies' Association (BSA), possibly pointing to the effect of higher borrowing costs.

Though the figure is down on the previous month, the BSA were quick to stress that the housing market still remains 'buoyant' as approvals are still ten per cent up on the corresponding period last year.

During October, net mortgage lending was found to rise by £5.5 billion, which shows that the housing market is "robust" despite the recent Bank of England base rate increase, which makes some mortgages more expensive to pay back such as trackers.

David Dooks, director of statistics at the British Bankers Association, stated: "October's net mortgage lending continued on the high plateau we have seen since the summer, with demand remaining robust ahead of the November increase in interest rates."

"The picture in unsecured lending was mixed. Credit card lending continued to fall, as it has in most months of this year, though other consumer credit was stronger than of late," added Mr Dooks.

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