(RTTNews) - UK’s gross mortgage lending grew 5% in October to GBP 13.5 billion from GBP 12.9 billion in September, a report from the Council of Mortgage Lenders showed Thursday. However, lending dropped 27% from GBP 18.5 billion registered in October 2008.

CML economist Paul Samter said, “There has been a significant change in the type of lending taking place from the start of the year. House purchase activity has picked up significantly.” The CML expects some seasonal slowdown in gross lending over the remainder of this year.

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