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|Comment from Just Mortgages: CML|
|Thursday, 13 October 2016|
John Phillips, group operations director of Spicer Haart and Just Mortgages says, “It is promising to see that August house purchase lending has increased by 11% since last year. This highlights the continued resilience of the housing market and suggests that previous Brexit fears of market contagion have been somewhat overdone.
“Due to the Bank’s recent base rate cut, banks and building societies have been lowering mortgage rates in response to this. These figures imply that the Bank’s move to help stimulate the economy have clearly helped to improve sentiment. In addition, the continued shortage of properties has supported house prices while strong market fundamentals have continued to underpin the housing market.
“With much speculation around an additional rate cut, it is likely that mortgages will remain competitive and this will hopefully entice further buyers to the market.”
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