Mortgage lending slumps to lowest for a decade

Mortgage lending slumped to its lowest October level for a decade as activity in the housing market remained subdued, figures showed today.

A total of £12.4 billion was lent during the month, unchanged from September, but 9% lower than in October 2009, the Council of Mortgage Lenders said.

It was also the lowest figure recorded by the group for October since 2000.

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