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Brexit latest: Mortgage approvals perk up in September Brexit latest: Mortgage approvals perk up in September
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Mortgage lending unexpectedly picked up in September, according to the latest credit statistics from the Bank of England.Mortgage lending unexpectedly picked up in September, according to the latest credit statistics from the Bank of England.
The number of mortgage approvals was 62,932 in the month, up from 60,984 in August and higher than the 61,500 City of London analysts had been expecting.The number of mortgage approvals was 62,932 in the month, up from 60,984 in August and higher than the 61,500 City of London analysts had been expecting.
However, approvals are still running below the rate seen before the European Union referendum in June.However, approvals are still running below the rate seen before the European Union referendum in June.
The Bank's figures follow the more timeley but less complete data from the British Bankers' Association earlier this month which showed a pick-up in approvals in September to 38,252, up from 37,241 in August. The Bank's figures follow the more timely but less complete data from the British Bankers' Association last week which showed a pick-up in approvals in September to 38,252, up from 37,241 in August.
The data also follows the latest survey from the Royal Institution of Chartered Surveyors, which showed an upturn in new buyer enquries in September. The data also follows the latest survey from the Royal Institution of Chartered Surveyors, which showed an upturn in new buyer enquries in September for the first time since February.
"Housing market activity is now starting to stabilise," said Scott Bowman of Capital Economics "Housing market activity is now starting to stabilise," said Scott Bowman of Capital Economics.
"With housing market activity seemingly coming modestly off its recent lows and the economy currently resilient, house prices could well edge a little higher in the near term," said Howard Archer of IHS Global Insight.
The Bank's figures also show that consumer credit continued to grow strongly in September. The Bank's figures also show that consumer credit continued to grow strongly in September. 
Credit card lending rose by £500m, taking the annual growth rate to 8.4 per cent.Credit card lending rose by £500m, taking the annual growth rate to 8.4 per cent.
Other loans and advances to households rose £900m.Other loans and advances to households rose £900m.
Net bank borrowing, including overdrafts, by large firms was more subdued, rising by £200m in the month.Net bank borrowing, including overdrafts, by large firms was more subdued, rising by £200m in the month.
Small firms' net borrowing was £800m.Small firms' net borrowing was £800m.
However, there was a surge in bond issuance, with large companies raising £4.3bn in the month.
Samuel Tombs of Pantheon said firms had "swooped to take advantage of the fall in corporate bond yields, partly caused by the start of the Bank of England's corporate bond purchase programme in September".