Mortgage approvals at seven-month low

Mortgage approvals have fallen to a seven-month low.

Lenders approved 41,219 mortgages in October, down from 42,216 in September, trade association UK Finance said.

However, the value of secured lending rose in October by £3.452bn, the largest increase since March 2016.

UK Finance said consumer lending increased by 4.5% in annual terms in October, increasing from 4.4% in September and marking the highest rate since February 2018.