Could poor mortgage market make flats to rent more attractive?
Now may be the perfect time to consider flats to rent in the London borough of Havering, as the Council of Mortgage Lenders (CML) looks set to release a "bad" set of figures.
Andy Pratt, chief operating officer at Alexander Hall, said when the organisation releases its August statistics they are likely to show applications were worse than seasonally adjusted expectations.
He said this is set to be the lowest point for the market.
Mr Pratt also commented on the declining first-time buyers sector, describing it as the "lifeblood" of the industry.
"I think it will start to ease a little bit, but it is not going to be enough to bring loads of first-time buyers into the market," he continued.
The expert's comments come after the CML revealed that despite 56,000 loans for house purchases being advanced in July, this is still a very weak result considering how strong the month usually is.
Posted by Martyn Glynn
Published 14th September, 2010
© 2010 Estates IT Limited
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One expert says new figures from the CML are not a good sign for the mortgage market.