Net mortgage lending falls by 90 per cent

SEPTEMBER'S mortgage lending fell to less than a tenth of the level seen in August as activity in the housing market remained subdued, according to figures from the Bank of England.

Net lending - which strips out redemptions and repayments - totalled just 112 million during the month, down from 1.62 billion in August. Lending levels are unlikely to pick up immediately, with the number of mortgages approved falling for the fifth consecutive month.