Mortgage market 'needs more confidence'

Posted: 02 Sep 2010 08:48:56 GMT

More confidence is needed in the mortgage market in order to get it back on track, one expert has claimed.

Director at MyMortgageDirect Catherine Hearnden said the sector has been talked down, rather than it actually being down.

"It does affect everything so people start believing it and if people start believing it they act accordingly," she added.

Ms Hearnden noted if individuals feel more assured, the market will be fine and there will be a steady rise.

She explained there may be the odd dip but people should not read too much into this because there have always been seasonal changes.

The specialist's comments follow the release of figures from the Bank of England, which revealed total net lending to Britons increased by £0.3 billion in July, with the 12-month growth rate unchanged at 0.8 per cent.

And the annualised three-month growth rate dropped from 0.6 per cent in June to 0.5 per cent in July.
 

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