CML: Mortgage lending increased in October
www.moneynews.co.uk > Mortgages > CML: Mortgage lending increased in October
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Money News |
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CML: Mortgage lending increased in October
Wed 21st Nov 2007
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This type of lending was shown to have grown almost six per cent from £30.6 billion in September to reach £32.4 billion in October.
It is also higher than the £30.6 billion figure from the same month in 2006, the CML figures indicate.
CML director general Michael Coogan said that the coming months would be "a testing time" for borrowing and lending.
"Funding constraints will continue to restrict lending activity and make loans more expensive," he remarked.
"The Bank of England's recent Quarterly Inflation Report reinforced the likelihood of a reduction in rates early next year, and that should provide some relief for borrowers sooner rather than later."
Previous to the most recent decision by the Bank of England's monetary policy committee, the CML had predicted that the base interest rate would be cut.
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