21 Jul

House buying 'leads the market'

House buying 'leads the market'

People buying houses for sale made the most enquiries to mortgage adviser John Charcol last month.

Recent findings from the firm showed that six out of ten mortgages in June were house purchases, suggesting that people are gaining confidence in the property market.

Director of marketing at the company Drew Wotherspoon said: "Purchase activity continues to maintain dominance over remortgaging, as it has done for the last 12 months."

He added that the only time remortgaging was a more common enquiry was in February but he attributed this change to the "poor weather," saying that it kept "purchasers tucked up indoors".

Mr Wotherspoon expressed his optimism that new purchasing enquiries were leading the way in the property market and recommended that homebuyers get advice before taking out a new mortgage.

The Council of Mortgage Lending supported John Charcol's findings.

Its recent report showed that lending for home loans rose by 15 per cent over June, going from £11.4 billion lent in May to £13.1 billion a month later.ADNFCR-1222-ID-19901382-ADNFCR

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