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Mortgage lenders report slump
Fri, 17 Jun 2005
Homeowners looking to find a mortgage are reluctant to put pen on paper when they find a mortgage with a big price tag.

When personal finance advice website Moneyextra made mortgage comparisons, they found the average price of mortgages that people applied for in May cost only £122,657. This is the lowest level of mortgage applications since January.

Advances applied for at mortgage lenders by first time buyers were down 0.23 per cent. Homeowners moving properties also applied for 0.98 per cent fewer mortgages at mortgage lenders. People opting to remortgage their properties were down 2.88 per cent, mortgage lenders reported.

The proportion of the total value of a property covered by a mortgage also reached its lowest level so far this year, at only 48.15 per cent.

Moneyextra predicted far lower levels of mortgage applications during the rest of 2005. This is bad news for mortgage lenders, who heard yesterday from the Royal Institute of Chartered Surveyors (RICS) that the housing market was suffering its worst downturn since the early nineties.

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