25 November 2005
The number of home loans approved for house purchases rose by 22.5 per cent in October, new results show.
This represents encouraging news for the property market as the Major British Baking Groups showed that £17.5 billion in mortgages was lent last month - representing a 16 per cent rise on the figure for October 2004.
The average loan approval for a house purchase was £129,500, and this figure added to the growing impression that things are looking brighter for the market as a whole.
David Dooks, director of statistics at the British Bankers' Association, said: "At this time last year, the trend in net mortgage lending was on a clear downward path.
"Having stabilised in the spring, the trend has hardly moved since, but with gross lending and approvals...now seeing higher levels than corresponding months in 2004, the mortgage market seems particularly resilient as we enter what is usually a period of lower demand."
The month's figures saw lending at its second highest level since July last year.
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