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The flow of total net mortgage lending in the UK was stable in October and the three-month Annualised rate of lending growth edged upwards, the Bank of England said Friday.
In the latest Trends In Lending report, the BoE said the increase in gross mortgage lending for house purchase by the major UK lenders in 2009 reflects the recovery in approvals for house purchase since the beginning of the year. Further, the major lenders expected a muted recovery in secured lending in 2010.
Commenting, James Knightley, an economist at ING said the increases in house prices was purely down to a lack of properties for sale. "Should this gradually turn in the New Year there is the potential for renewed house price falls next year."
At the same time, the flow of net lending to businesses remained negative in October with annual growth rates across all business sizes continuing to weaken. Looking ahead to 2010, the major lenders expected loan availability to the corporate sector to improve and the cost of borrowing to ease.
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