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"The mortgage market remains subdued"
- David Dooks, BBA statistics director
Number of approved mortgages increased to 35.3 thousand in October from 33.5 thousand in September, said the British Bankers' Association on Wednesday.
"The mortgage market, where the high street banks provide around 70% of new lending, remains subdued and demand for unsecured borrowing is slow, reflecting householders' caution in the current economic environment," said David Dooks, BBA statistics director.
"A lack of consistency is the general trend in the mortgage market at the moment," said Suzanne Bradshaw, mortgage broker at Mortgage Arena.
"Following a promising September, lending in October has been flat and with November and December historically slower months, we will be heading into the new year without any real sense of what 2012 might bring."