2 Apr

Signs of mortgages recovery emerging, says CEBR

Signs of mortgages recovery emerging, says CEBR

The centre for economics and business research (CEBR) has said there are some indications that the mortgage market is improving.

Senior economist at the CEBR Charles Davis stated: "There are tentative signs [of improvement] and that also comes at a time when we have seen some pick up in interest and enquiries in the housing market."

Mr Davis made his comments following the recent release of Bank of England figures showing a 19 per cent rise in agreed home loans in February.

However, he noted, some of the "fundamentals" of the market are likely to act to constrain the recovery in the short term, such as rising unemployment and low pay growth.

Those keen to invest in property may look to do so for the long term, bearing in mind that the level of improvement could be slow due to the state of the economy.

In other mortgage news, Abbey has announced it is launching a new range of four-year fixed-rate deals for first-time buyers, with loan-to-value rates of up to 85 per cent.

Director of Abbey Mortgages Nici Audhlam Gardiner commented that the products are designed to meet the needs of such buyers in "today's difficult market conditions".

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