| LONDON - Mortgage lending and mortgage approvals in October climbed at the fastest pace since 2003, the Bank of England announced today.
The amount of money lent on new mortgages in October rose by £9.8bn, while the number of new loans approved but still to be drawn rose by 1,000 to 128,000, the highest level since December 2003.
In total, £31.7bn worth of mortgages got approval in October, according to the Bank, compared with a six-month average of £29.5bn.
Analysts suggested the figures, which are one of the most reliable indicators of the strength of the housing market, point to housing demand remaining strong into the New Year.
Nationwide's monthly house price survey is due tomorrow. Other house price surveys recently have indicated strong growth in inflation with London prices rising especially fast. Nationwide is expected to be similarly buoyant.
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