Mortgage lending 'holding up better than expected'

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The level of mortgage lending in the UK is holding up better than many experts predicted, according to the Council of Mortgage Lenders (CML).

Sue Anderson, the body's member and external relations head, also said there has been a "far less dramatic" reduction in mortgage approvals than preliminary surveys have shown.

Discussing how the Bank of England's latest report has contradicted the British Bankers' Association's claim of a slump in mortgage lending, she explained that natural slowdown occurs at this time of the year.

She added: "What we're seeing from the Bank of England's statement out today is a far less dramatic reduction in approvals than the preliminary surveys, such as the BBA, had shown.

"I think it is more robust than doomsters have been predicting and that's quite good news for the market."

The Bank of England's report claimed that net loans and advances in October rose by £1.2 billion, which was higher than increases in the previous month.

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