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Number of loans falls in July

The CML in its latest market briefing says that even with continued signs of a cooling in the housing market, there is still the possibility of a renewed surge, early next year.

It says: “The housing market is so strongly influenced by confidence. Firstly, the BOE may take its foot off the brake too soon, and the strong economic fundamentals, coupled with lower than expected interest rates, may engender a revival in confidence and drive the market forward.”

However, the CML say there is now clear evidence of a lull in the housing market, after several months of tentative signs of a slowdown. Growth in the buy-to-let market has slowed significantly to just 3% in the first half of 2004. This coupled with the fact that less than £24bn of loans were approved during the month, which on a seasonally adjusted basis, were the lowest approvals for a year. Indications show that approvals will stay at this low level, and could even fall further, in August.

The CML says: ” With approvals a leading indicator of future lending, we expect to see significantly weaker gross mortgage advances in September and October.”


Professional Mortgage Partnerships receives MTA letter

The network has also announced the appointment of Martyn Bell as head of its network. Bell joins Professional Mortgage Partnerships with a background of over 25 years in financial services. His role will be to ensure that the network offers excellent products and service tocover the needs of all its appointed representatives plus continuing to […]

Fate of Miles review remains unclear

The review of longer term mortgages by Professor David Miles was published at the time of the Budget in March but there has been no feedback on the outcome of the consultation on the document. There was a muted response to a question raised at a discussion at the House of Commons last week, Financial […]

Blair sparks hope of Stamp Duty cut

Blair has vowed to help aspiring first-time buyers who have been priced out of the market, saying: “We will increase the supply of new housing and helping people to get onto the housing ladder.” Stamp Duty on houses in the UK is currently paid on properties over £60,000. Rob Clifford, managing director at Mortgageforce, thinks […]

Cartel starts PR wing

In readiness for this October&#39s impending Mortgage Day and all the changes in the financial industry that entails, Cartel decided earlier this year to push strongly into the avenues of advertising, public relations and marketing. Marie Giovanni, 30, has been tasked with heading up Cartel&#39s marketing initiative. She says: “We are all very proud of […]


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