Housing market 'to recover slowly'

Posted: 07 May 2010 11:00:25 GMT

The housing market will make a slow recovery with plenty of ups and downs along the way, according to one sector expert.

Catherine Hearnden, director of MyMortgageDirect, says the recovery of the property market will follow the same pattern as the economy.

"As long as we see growth, I don't think it matters if the growth slows a little bit now and again," she states.

Ms Hearnden's comments come in response to new figures from the Bank of England which show that mortgage lending increased by £0.3 billion in March, a figure which was lower than February's increase of £1.billion.

However, she suggests that as last year's starting point was so low, any increases in mortgage lending at all are good.

Statistics from the British Bankers' Association recently revealed that gross mortgage lending amounted to £8.7 billion in March, marking a fall from the previous six month's average of £9.2 billion.

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