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News - 26 October 2011

Encouraging signs in the Mortgage Market.

The figures from the Council of Mortgage Lenders (CML) for August show a 30 per cent increase in remortgage loans taken out year on year, and also show that lending for house purchasing also rose slightly year on year.

Lending has also increased for first time buyers, who have found the financial crisis particularly difficult.

Interest rates remain at record lows, home movers paid just 9.4 per cent of their income on mortgage payments in August - the lowest since monthly records began in 2002.

Paul Smee, director general of the CML, said:

"With those moving house experiencing a record low in the proportion of their income needed to pay their mortgage interest, it is clear that the low rate environment is a benefit to those with mortgages, even against the backdrop of the gloom in the wider economy."

However, Vice President of the Royal Institute of Chartered Surveyors (RICS) Michael Newey has a slightly different view,

"Falling supply of fresh stock is indicative of general fears overhanging the economy, with many potential sellers preferring to stay put for now. As a result, the UK housing market remains pretty flat with activity level generally subdued."

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