October mortgage lending data

Commenting on CML mortgage lending data, David Stubbs, RICS senior economist said: “Despite the on-going slowdown in the market, buoyant economic conditions are still encouraging people to take out mortgages and buy homes. Indeed, despite the withdrawal of many mortgage products from the market, those with solid earnings and the necessary deposit are still gaining access to mortgage finance.

“However, lending volumes are set to trend lower in coming months. An economic slowdown is underway and the housing market is losing momentum. This is likely to prompt the Bank of England to cut interest rates in coming months.”