UK mortgage lending at 11-month high

Mortgage lending in the UK reached an 11-month high in October, providing evidence that the housing market is finally picking up after a lull in recent months, lenders said today.

Gross mortgage lending rose to £12.9bn (€16bn) and was 4% higher than the same month last year, indicating that a UK government scheme recently launched to boost lending is having an effect, the Council of Mortgage Lenders (CML) said.