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Mortgage figures 'showing strength'

Published: 22/01/2010

Britain's mortgage market appears to be strengthening as the housing market shows signs of recovery, it has been claimed.

Paula John, editor of Your Mortgage magazine, explained that the sector is "more buoyant" than would have been expected given the difficult economic conditions of the last 12 months.

The comments come after new data from the Council of Mortgage Lenders (CML) revealed that total mortgage approvals increased by 14 per cent in December compared to the previous month.

Although total lending in 2009 was at its lowest point in eight years, last month's figures stood three per cent higher than the corresponding period in 2008.

Ms John said that this is "no surprise because people have just been sitting tightly on their hands, not wanting to move house and not being able to access finance because obviously they have had to get very big deposits in order to get a mortgage".

"[However], the latest increase in lending reflects increased good deals and there are more competitive deals in the market at the moment," she concluded.

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