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Mortgage lenders suggest a drop on house sales


The Council of Mortgage Lenders suggested a possible 35 per cent decrease in the number of house sales throughout England and Wales this year.

In March and April 2008, not including the impact of the early Easter, mortgage lending had dropped 16% compared with 2007 stats.

During October period, the CML suggested to expect a house price increase by 1 per cent, with house sales probable to be widely balanced at over one million. They said today the amount of transactions made would be less compared to 2007 records at 770,000.

CML group said there were some parts of comfort for the market, despite expectations of a slight slowdown this year.

Mortgage arrears and repossessions still remain unchanged, CML director general Michael Coogan commented: "The market is still very uncertain, but lenders are working hard to ensure that borrowers coming off fixed rates remain on track, that arrears and repossessions are minimised, and that pricing is as attractive as they can make it in a market where they must manage the demand for lending with caution."

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