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UK Mortgage Lending and its Effect on the Property Market

One of the main things people focus on when considering selling their property is the state of the housing market. When the housing market is in a boom houses generally sell for a higher value than if the market is in a downturn. This article will review the state of the current market based on recent mortgage lending statistics.

So far in 2010 mortgage lending has been sluggish, however according to Bank figures, the number of mortgages being approved for house purchases rose from 49,008 in March to 49,871 in April - an increase of 2%. The figures for April are only slightly higher than those of the same month last year (45,529), suggesting the continued lethargic nature of the housing market in 2010.

This data reflects weak consumer demand due to the continued shortage in mortgage funding and weak consumer confidence. It also highlights the precarious nature of the mortgage and property markets, with the number of approved remortgages remaining low.

The shortage in mortgage funding means even those in well paid jobs are struggling to get a mortgage and this is due to the banks being more reserved with lending. What this translates into is that there are fewer potential buyers who can buy your property right now. However, The London Property Buyers are always looking to buy property regardless of the market situation and specialise in helping people who need to sell quickly.

So if you are looking to sell your house now but are unconvinced by the nature of the current market contact us today as we have several different methods to buy your property.

If you are looking to sell your property quickly, then contact The London Property Buyers NOW on: 0800 879 9889

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