Gross lending 'hits £18.7bn'

New figures from the Council of Mortgage Lenders (CML) show that gross mortgage lending totalled an estimated £18.7 billion in October.

This figure represents an increase of almost seven per cent on September's figure of £17.5 billion as more money was loaned through self build, tracker and various other forms of mortgage.

However, the CML claims the monthly total was 44 per cent below October's gross mortgage lending figure of £33.4 billion last year.

Commenting on the figures, CML director general Michael Coogan said that, although lending improved month on month, the outlook is "one of continuing weakness for housing and mortgage markets in the coming months".

The CML's members are banks, building societies and other lenders who as a collective undertake approximately 98 per cent of all residential mortgage lending in the UK.