The UK mortgage market will remain strong in the coming months, an expert has predicted.
Milan Khatri, the chief economist for the Royal Institution of Chartered Surveyors, believes that a growing economy, coupled with borrowers' confidence in their finances, will lead to a robust mortgage market in the near future.
"Official government house price statistics showed August was a strong month for the property market, with the annual inflation rate of 7.7 per cent being the strongest since March 2005," he remarked.
"First-time buyer house prices rose at a slightly slower pace of 6.9 per cent but are well ahead of average earnings which will stretch affordability for buyers ."
Mr Khatri's comments echo those he made recently, claiming that affordability is set to remain difficult for many first-time buyers looking to find a mortgage.
The expert predicted that the monetary policy committee would raise the base rate in November, despite the decision to freeze rates in October.
However, he predicted that this potential rise would only lead to slight cooling in the mortgage market.
Mortgage market to remain strong, expert predicts
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