Mortgage lending slumps

Gross mortgage lending last month was the lowest October total since 2000, according to figures released yesterday.

The Council of Mortgage Lenders estimated that lending was down nine per cent, from £13.6bn in October 2009 to £12.4bn last month.

The figures coincided with fresh Bank of England data on the level of mortgage lending by major UK lenders.

The Bank announced that 44,000 new mortgages were approved in October, yet the value of mortgage lending for house purchases is down from £5.6bn in September to £5.3bn. This represents a nine-month low, the Bank said yesterday.