In October house purchase values stood at £12.2bn and remortgage values at £6.8bn, up from £12bn and £7.1bn in September.
Richard Pike, Phoebus Software sales and marketing director, says “The number and value of mortgage loans over the last three months, as reported by the Bank of England, has been fairly consistent.
“Following the recent spending review, and the Chancellor’s moves to curb buy-to-let in his bid to increase homeowenship in the UK, one part of the market which has been most buoyant throughout the year is likely to take a hit in the coming months.
“Landlords, and would-be landlords, will be considering their position and the future viability of buy-to-let.”
In terms of lending to individuals, including personal loans, lending increased by £4.8bn in October, down from £4.9bn in September but higher than the average monthly increase of £4.1bn over the past six months.
Nicola Georgiou, managing director at Freedom Finance, said: “Consumer confidence is continuing to grow steadily. The demand for personal loans has increased due to better credit availability, lower interest rates and stronger household finances.
“This rise follows warnings from the Bank of England that policymakers may need to take action to prevent excessive consumer borrowing as the economy recovers.
“Although it is encouraging to see consumers are taking advantage of the competitive rates on offer, it’s important that borrowers are aware that the most attractive headline loan products are not available to everyone.
“Additionally, many consumers are unaware that shopping around and applying for various enticing loan deals could actually harm their overall chances of getting a loan by leaving a hard credit footprint which will damage their scores if rejected.
“The alternative is to use 'soft' search sites which compare true loan products matched to borrowers’ individual circumstances without the risk of affecting any future applications.”
