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Life still goes on in the mortgage market
The director general for the Council of Mortgage Lenders (CML), has added an upbeat note to the ongoing debate about the current state of the mortgage market. As the doom mongers talk the entire property owning public in the UK into a state of depression, a note of optimism has crept in to the mix. The DG said "At a time of global market uncertainty, business levels in the mortgage market are holding up reasonably well in the UK despite funding constraints. There are mixed signals on inflationary pressures here which will make the MPC's decision finely balanced, but consumer confidence would be further underpinned by another rate cut".
Although gross lending totalled £30 billion in November, that figure was down 10.4% on the October figure lending for property purchase still totalled 80,000 transactions a slight decrease of 3.1% from the 83,000 figure of October. He said he belived that more normal mortgage market conditions should return later in the year once lenders's standard variable rates fell in to line with each others and the base rate cuts were passed on to borrowers.
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