26 Aug

"We've turned a corner"

"We've turned a corner"

The property market has "turned a corner", if the comments of one housing expert are to be believed.

Richard Mason, managing director of Moneyextra.com, the longest-established independent personal finance website in the UK, said that the situation will not be "plain selling", even for professionals, however, as those looking for a mortgage with a loan-to-value (LTV)ratio of 85 per cent are still going to struggle due to a two-thirds reduction in the number of deals available since the second quarter of 2008.

His comments follow the release of data from the Council of Mortgage Lenders, which indicated a 26 per cent increase in lending from July to June.

"We've turned a corner but there's still a long road to recovery ahead," said Mr Mason.

"Although lending is up, careful analysis shows it is only for those with hefty deposits."

He added that the increase in lending is a tactic to distract homeowners from the reduction in higher LTV mortgages.


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