20 Nov

Housing market 'boosted by competitive mortgage deals'

Housing market 'boosted by competitive mortgage deals'

A rise in the level of competition between lenders in addition to an increase in the number of firms prepared to lend is providing a boost to the housing market, an industry expert has claimed.

Francis Ghiloni, commercial director at realpricecomparison.com, said that his company is positive about the outlook for the market over the coming 12 months.

He commented that as buyers are able to access more competitive finance deals, supply to the market is beginning to improve.

"We are unlikely to see a return to house price booms and a modest five per cent rise in prices next year looks possible," Mr Ghiloni said.

He added that stricter rules surrounding the mortgage market coupled with caution on the part of lenders would "act as a brake" on irresponsible practices.

A report released by the Council of Mortgage lenders on November 19th reported an increase in gross mortgage lending of five per cent in October compared with the previous month.
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