Mortgage lending rose from September to October, according to the Council of Mortgage Lenders (CML).

Reaching an estimated £32.4 billion, the total was up six per cent from where it stood at £30.6 billion in September, the same figure it was at in October last year.

The council stated that it expects mortgage advances to be lower over the rest of the year following data from the Bank of England that shows the number of mortgage approvals has dropped during the three-month period ending in September.

Director general of the CML Michael Coogan commented: "Funding constraints will continue to restrict lending activity and make loans more expensive."

"The Bank of England's recent quarterly inflation report reinforced the likelihood of a reduction in rates early next year and that should provide some relief for borrowers sooner rather than later," he added.

Commenting on the data, senior economist for the Royal Institution of Chartered Surveyors David Stubbs stated that despite the market slowdown, "buoyant economic conditions" are still encouraging people to take out mortgages and purchase homes.