New Bank of England figures show loans for house purchase rose 6% last month

The number of loans for house purchase grew by 6% last month to 56,215, the highest monthly figure since March last year, according to the latest Bank of England figures.

The data showed that 拢7.6bn was lent in September, up from 拢7.3bn in August, also an 18-month high, and more than double the amount seen in the depths of the credit crunch last November.

This rise in lending was, however, offset by a fall in the amount and value of remortgaging.

Council of Mortgage Lenders economist Paul Samter said the data showed clear evidence of a significant pick-up in lending activity in the housing market from a year ago, despite remaining low on a historic comparison.

He said: 鈥淥verall, the numbers support our view that housing market activity continues to strengthen. But we are cautious about how far we can expect it to continue increasing, with funding still a challenge and the economic outlook still subdued.鈥�

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