Mortgage market made "micrometre" movements
House hunters are learning that the mortgage market made very little positive progress in April, according to one expert.
Paul Holmes, chief executive of Firstrung, believes the two per cent increase in home loan approvals, as revealed by the Bank of England this week, is not worthy of debate because of its "micrometre movement".
He stated that, in the current state of the market, the UK is still 50 to 60 per cent down on its position "at the peak of the madness of the out of control property market".
The expert suggested the Bank of England had little reason to cheer given that it has "stuffed the banks with £200 billion of quantatitive easing in order to encourage them to lend".
Comments suggesting the mortgage market has not made much progress may encourage more people to consider looking for property to rent in the London borough of Hillingdon or elsewhere in the country.
By Andy Britten
Published 4th June, 2010
© 2010 Estates IT Limited
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More people may be considering looking for property to rent in the London borough of Hillingdon or elsewhere in the UK after a housing expert claimed the mortgage market made only micrometre progress in terms of increased lending.