Octobers Borrowing
October’s borrowing figures rose despite there being a credit crunch. The average amount people wanted to borrow was up by £4,000 an increase of 3.2%.
There was a small drop in the number applying for a mortgage but figures show the highest borrowing amounts since May.
London, led the way with the average mortgage application up by 2.6% to £193,291. The biggest rise was 9.3% in the North West. Next came the North East where amounts went up 5.3% to £116,000.
The only drop seen was in Anglia where requests dropped from £143,800 to £140,257.
Those amounts give a positive view to demand but balanced out with a drop in the number of people requiring a mortgage.
If the Bank of England were to reduce the base rate this month it could mean these higher figures will continue. It there is no change to the base rate then people may wait to see how the housing market settles.
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