Mortgage rates get to the lowest point
Mortgage experts have announced that mortgage rates in the UK are at the lowest point.
Mortgage expert Stephen Noakes from Lloyds TSB Commented:” Although property prices may have some way to fall, mortgage rates are likely to rise.”
He also said that the number of people looking for a mortgage has increased over the last 2 months.
He commented further: "We are seeing some encouraging signs, particularly if you look at the Royal Institution of Chartered Surveyors figures. These show that the number of people looking and enquiring about property purchase is the highest since March 2003."
In contrast, Michael O'Flynn from FindaProperty.com has said that mortgage lending by banks needs to increase for the property market to pick up again.
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