Mortgage lending approvals rise despite housing low

The Council of Mortgage Lenders (CML) has stated that mortgage lending is enjoying its best spell since 2008 with mortgage lending at £20 billion in September - up 12% on last year. This puts first time buyer numbers stronger than a year ago for the third consecutive month. However, despite a rise in demand, there are still not enough houses on the market to fulfil it. The Royal Institution of Chartered Surveyors (RICS) confirms new listings fell again in September whilst the Centre for Economics and Business (CEBR) suggests a lack of properties was pushing up prices – predicting a 5.6% increase this year.