Mortgage market 'strong in October'
Nov 29, 2006
Britain's mortgage market remained strong in October despite August's interest rate rise to 4.75 per cent, new figures reveal.
Figures from the British Bankers' Association (BBA) show that when it came to the amount of money lent, mortgage lending was six per cent higher than in the preceding month and eight per cent higher than in October last year.
More people were taking out mortgages as well, the figures showed, with 198,242 mortgages taken out in October, 2.3 per cent higher than the year before. The figures seemed to show little sign of August's interest rise, which in turn made mortgage borrowing more expensive for many consumers.
The chief economist at the Royal Institution of Chartered Surveyors (Rics) said that the figures showed that underlying mortgage activity remained strong with few indications that higher interest rates were biting. The figures confirmed reports from Rics members that housing demand was robust as the number of new jobs and incomes rise, they added.
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