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Written by rosalind renshaw

There were 50,000 loans for house purchase (worth £7.4bn) advanced in September, unchanged by volume but down £0.2bn in value from August, the Council of Mortgage Lenders has reported.

The number was down 1,000 from September 2009 but the value was up £0.3bn.

Loans for remortgage increased from 25,000 (worth £3.2bn) in August to 29,000 (worth £3.6bn) in September.

Remortgaging accounted for 29% of total lending in September, the first proportionate increase since May.

Loans to first-time buyers increased in number by 4% in September to 18,600 (worth £2.2bn) but were 6% lower by volume and 4% lower by value than in September 2009.

In contrast, the number of home-mover loans fell by 2% to 31,600 in September following a 10% fall in August. And the value also fell by 2%, from £5.3bn to £5.2bn.

First-time buyers borrowed on average 76% of the value of their property, down from 77% in August, while home movers borrowed 67%, unchanged from August.

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