The council for mortgage lenders is out with their monthly report and while lending was down 1% (£17.8bn vs £18bn) from August it was up 10% vs September 2013 (£16.2bn)
On a quarterly basis, Q3 2014 was up 8% q/q and 13% y/y
“Uncertainty over when we will see the first increase in UK base rates is exacerbated by weaker growth prospects in several major economies, including the eurozone.
“Recent indicators and policy actions corroborate our view of a gentle easing in market conditions. There is growing evidence that mortgage lending activity, and the housing market, are sitting on a plateau.” said Bob Pannell at the CML
We’re still seeing falls in borrowing but to to any major degree that would warrant being worried over house prices. October data will be more important as that’s when the new mortgage rules came into force