Mortgage market ‘will pick up further’

The UK mortgage market will improve more as time goes on, an expert has predicted.

Chairman of free online change of address service Simon Preston said it is clear that the market is recovering and expanding.

However, he stated, it is still far from being in a situation where “people find it easier to make decisions about moving and for all the businesses involved in the moving sector to get their businesses in a good place”.

But the homebuyer loans segment will carry on getting better as the economy improves, Mr Preston forecasted.

His comments follow news from the Council of Mortgage Lenders (CML) that there were 55,000 mortgages for house purchase agreed in October, the highest number since December 2007.

The CML noted that this tally was 42,000 more than the number granted in January this year, the worst month in the market slump that followed the onset of the credit crunch.

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