Fears of a housing market crash were calming after figures from the Bank of England yesterday showed an easing rather than a full-scale drop in activity.
Economists said the data suggested an all-out collapse was unlikely and the market was levelling out after an adjustment over the summer.
The number of loans approved for house purchase in October was 83,000, compared with the average of 94,000 in the three months to September, the Bank of England reported.
Total lending to individuals grew by £9.1 billion or 0.9 per cent in October.
Meanwhile, the Nationwide today released its latest figures showing house prices rose by 1.0% in November.
And the building society forecast the value of an average UK property is expected to increase by just 2% next year as more realistic price expectations act as a brake on the market.
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