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Mortgage market in summer slowdown, study shows
Wed, 30 Aug 2006
The mortgage market slowed in July, according to a recent study.

On average, the value of completed mortgages dropped by 6.68 per cent between June and July, the AWD Moneyextra research shows.

Furthermore, the average property value searched by the company for mortgage comparisons also fell by £2,719 from June to July.

The company also states that Nationwide Building Society is the most popular mortgage lender in the UK, having held the position since the beginning of 2005.

Robin Amlot, senior editor of Moneyextra, commented, "Whether Nationwide keeps this position will depend on how the market perceives its response to the August rise in base rates."

"Nationwide reacted to the Bank of England’s 0.25 per cent increase in base rate by raising its standard variable rate by 0.35 per cent with effect from September 1st."

However, recent figures from the Council of Mortgage Lenders showed that gross mortgage lending in the UK has continued to rise, reaching £30.4 billion in July, the second highest figure ever recorded.

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