UK mortgage lending increases again

The number of UK mortgages advanced to people buying a home reached its highest level since December 2007 during October, figures showed today.

Around 55,300 loans were taken out for house purchase during the month, 43% more than a year earlier and more than double the low of 23,000 seen in January this year, according to the Council of Mortgage Lenders in Britain.

First-time buyer numbers also held steady during the month, with 19,700 people buying their first home with a mortgage in October, a third more than a year earlier.