Mortgage lending increases by 7%

Mortgage lending rose by nearly 7% during October but it remained well down on 12 months ago, figures show.

A total of £18.7 billion was advanced during the month, compared with just £17.5 billion during a "weak" September, the Council of Mortgage Lenders said.

But the figure was still 44% lower than the £33.38 billion lent in October 2007, and it was also down on August's advances of £19.66 billion.

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