Mortgage lending ‘will go on rising’

The mortgage market in the UK is set to expand in the latter months of this year, it has been stated.

Director of estate agency portal propertyfinder.com Nicholas Leeming commented this will be the case because the “fundamentals are in place for a sustained increase in mortgage market activity”.

However, this will be limited in scope as long as the number of homes coming onto the market remains low and the level of credit is limited.

Also, he noted, first-time buyers are getting a “raw deal” compared to those already on the housing ladder when it comes to mortgage rates.

Despite such reservations, there has been evidence recently that first-time buyers are gaining a greater share of the market.

Last month’s figures from the National Association of Estate Agents showed that 36 per cent of transactions involved those making their first property purchase, up from 22 per cent in July.

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