UK Mortgage Lending Rises In September

LONDON (AP) — The number of house purchase loans advanced in the U.K. in September rose 2 percent from August, the third consecutive monthly increase, the Council of Mortgage Lenders said Wednesday.

The 50,600 loans completed in September was up 43 percent from a year earlier, the council said. The value of 7 billion pounds ($11.7 billion) was up 1 percent from August and 37 percent from a year ago.

Remortgaging rose 10 percent from August but remained at a weak level, still down 48 percent from last year.

Gross mortgage lending rose 7 percent in September to 12.9 billion pounds, 25 percent below a year ago, the council said.

"Although the recent bounce-back in house purchase activity is holding up, we remain some way below what might be called normal levels of transactions," said Paul Samter, the council's economist.