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Mortgage figures may offer hope

Mon, 23 Nov 2009

According to statistics from the Council of Mortgage Lenders (CML), the total amount of lending climbed by 5 per cent to an estimated level of 13.5 billion. What could be dismissed as seasonal fluctuations is being hailed as a pick-up in the mortgage market . Better housing market conditions could be on the horizon, but the level remains far lower than normal.

Housebuilding has also jumped 18 per cent in the three months running up to September, with 25,820 homes built in England. This may signal increased confidence amongst housebuilders with house prices rising.

The chief economist for the Royal Institution of Chartered Surveyors, Simon Rubinsohn, reportedly commented: "The latest figures are still weak in an historic context and suggest that the total starts for the year will struggle to come in much above 90,000. Significantly, this is barely a third of what is required over the coming years, given likely trends in demography and household formation. The numbers for 2010 should be a little higher, although, with development finance still constrained, we think it improbable they will reach 130,000, even with a recovery in the wider economy. The resulting shortfall in new property coming to the market represents a medium-term time bomb for the housing market ... making property increasingly unaffordable to large sections of the population."
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