Mortgage market to dip and then grow
Recent figures showing a slowdown in the growth of mortgage market could be followed by an autumn revival, it has been claimed.
The uncertainty in the housing market could cause some to make the best of what they have, with home improvements such as bespoke conservatories and kitchen extensions just two ways of creating extra space.
According to Alexander Hall, mortgage lending figures will probably fall further before bouncing back as the year draws to a close.
Statistics from the Council of Mortgage Lenders (CML) show that home loan approvals increased to 56,000 in July, but that the industry remains "very weak".
However, Alexander Hall chief operating officer Andy Pratt explained that the figures are based on completions and that early indications show that approvals in August will decrease.
"From the feedback that I am getting from everybody in the market, the applications in August were worse than the seasonally-adjusted expectations. I think this is probably the lowest point," he said.
Posted by Paul Steel 
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