26
Aug
"We've turned a corner"
The property market has "turned a corner", if the comments of one
housing expert are to be believed.
Richard Mason, managing director of Moneyextra.com, the
longest-established independent personal finance website in the UK,
said that the situation will not be "plain selling", even for
professionals, however, as those looking for a mortgage with a
loan-to-value (LTV)ratio of 85 per cent are still going to struggle
due to a two-thirds reduction in the number of deals available
since the second quarter of 2008.
His comments follow the release of data from the Council of
Mortgage Lenders, which indicated a 26 per cent increase in lending
from July to June.
"We've turned a corner but there's still a long road to recovery
ahead," said Mr Mason.
"Although lending is up, careful analysis shows it is only for
those with hefty deposits."
He added that the increase in lending is a tactic to distract
homeowners from the reduction in higher LTV mortgages.
