CML predicts reduction in house purchases
www.moneynews.co.uk > Mortgages > CML predicts reduction in house purchases
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CML predicts reduction in house purchases
Wed 15th Jun 2011
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As a result of decreasing house purchases in April, the organisation has forecast a lull in mortgage completions in upcoming months.
Despite a slight upturn in the market in April compared to earlier this year, the number of home purchases remains below the corresponding month in 2010.
People looking to remortgage their property may also have experienced more difficulty in 2011 after figures revealed a reduction in activity.
Michael Coogan, director general of the CML, said: "The economic outlook ... suggests a muted summer for mortgage completions so we do not expect further increases in lending over the coming months."
Last month the CML agreed with the findings of a YouGov survey, conducted on behalf of Shelter, which revealed that 87 per cent of people believed mortgages should only be approved for people who can afford it.
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