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14/12/2009
Residential property 'still below peak' |
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There is a "long way to go" before the residential property market returns to a state of normality, it has been stated.
Chairman of free online change of address service Iammoving.com Simon Preston welcomed news that mortgage lending levels are on the rise.
However, he said the market is far from the point at which it "will get back to a level where people find it easier to make decisions about moving and for all the businesses involved in the moving sector to get their businesses in a good place".
Such a situation suggests that the involvement of residential property lawyers may grow as the property sector continues to pick up steam.
Mr Preston's comments followed news from the Council of Mortgage Lenders (CML) that the number of home loans agreed in October this year was at its highest since December 2007.
The CML data revealed that the tally of mortgages for home purchases was up to 55,000 in October, compared with the low point of the property slump that occurred in January this year, when only 23,000 were granted.
Written by Anna Norton
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