Gross lending up 5% in October, says BBA

The British Bankers Association (BBA) has announced that the Major British Banking Groups’ gross mortgage lending totalled £10,637m in October, up 8% on September. There were increased numbers of new loans approved in October, with 187,205 loans approved for a total value of £10,805m, 12% by number and 11% by value higher than in September. These increases show some recovery in demand, but not to the levels seen during the summer.