12 Oct

House purchase activity "has revived"

House purchase activity "has revived"

House purchase activity is looking much more positive than it was at the beginning of 2009, one property expert has asserted.

Paul Samter, economist at the Council of Mortgage Lenders (CML), the trade association for the residential mortgage lending industry, said that purchase goings-on in the property sector are now on a "firmer footing", although Britons should expect a lengthy recovery process with seasonal highs and lows.

However, Mr Samter cautioned: "Remortgaging demand has fallen away in the low interest rate environment and this is dragging down gross lending levels overall."

His comments follow the publication of statistics from the CML, which revealed that at 53,000, the number of house purchase loans in August was 29 per cent higher than 12 months previously, bringing activity to more than twice its January level.

It also reported that first-time buyers were granted 19,200 loans, while a total of 33,400 loans were given out to general home movers.

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