Gross mortgage lending totalled £13.1bn in October, a 13% increase on the £11.6bn lent in October 2010, according to data from the Council of Mortgage Lenders. The figure represents a 4% fall compared to September’s gross lending of £13.7bn. Bob Pannell, chief economist at CML, says: “The underlying picture in the housing and mortgage markets has not changed dramatically over recent weeks. “The immediate direction of house purchase activity is a little unclear, although the story for remortgages, with strong year-on-year increases in activity this year, is for the time being more straightforward.”

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