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Brits still applying for expensive mortgages

08/05/2007

Many Britons are still buying houses and feel it is a good long term investment.

Figures estimated that 71 per cent of people still think that buying a house is a good idea, 93 per cent of UK people feel that mortgage costs, interest rates will keep on rising past the board.

'Property for Life' researchers have showed that six per cent of people within the UK think house prices will drop, 74 per cent feel there will be more growth and 20 per cent feel that it will be stable.

Property for Life managing director, David Austin commented,"Interest rates have risen steadily since mid-2005, but despite further predicted rises, the residential housing market shows no sign of contracting,"

Nearly 59 per cent of people within the UK think that interest rates will rise more and more each quarter.

"What is interesting is that, although nine out of ten people predict further interest rate rises, only one-third feel that this is actually necessary," Mr Austin spoke.

On an overview it is certain that property is a good investment and figures have proved that taking on a mortgage is still the way forward.