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House price figures hint at prospects for homeowners looking to find a remortgage

Thu, 12 Apr 2007

People looking to find a remortgage deal may be cheered by mortgage industry figures indicating that house prices are continuing to rise.

In a survey of chartered surveyors by the Royal Institution of Chartered Surveyors, 25.5 per cent more respondents noted a rise in the price of housing as opposed to a fall in March 2007.

To put this into context, in February the figure stood at 24.8 per cent, homeowners looking to find a remortgage may be interested to know.

Jeremy Leaf, spokesman for the institution, predicted that house price inflation would continue apace over the coming months.

"House prices are unlikely to fall in the short term while the economic outlook remains robust," he said.

However, Mr Leaf added that the recent decision by the Bank of England's monetary policy committee to raise interest rates to 5.25 per cent could ultimately have a knock-on effect on a number of mortgage holders.

"Mortgage repayments remain a concern for many following the Bank of England's recent monetary tightening," he affirmed.

Remortgaging involves arranging a new mortgage to pay off the existing deal, typically to free up some extra money in the short term.

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