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Mortgage market likely to decline

7/11/2007

The complete UK housing market is likely to slow down during 2008 period, one expert reveals more data.

Executive director, Peter Williams of the Intermediary Mortgages Lenders Association (IMLA), confirmed that the most buoyant market analyst believes property prices would not rise by more than three per cent by 2008 period.

In dispute that the market will stay on a steady pace through 2008, Mr Williams recommended that many mortgage borrowers would find that their loans are priced differently as lenders appear to bring them in procession with elevated money market and swap rates.

Mr Williams added: "Lenders are preparing for the likelihood that business will remain depressed throughout much of 2008, with less mortgaging activity and an increase in the proportion of remortgaging."

The Council of Mortgage Lenders a short time ago estimated that property price inflation would remain the upward trend although 2008, with more than one million property transactions said to be finished.

Looking at the organisation, interest rates are expected to decrease by next year.

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