Summary
The Council of Mortgage Lenders (CML) says housing and mortgage market activity is "softening" in response to rising interest rates. According to the CML, the level of transactions was very strong early this year, reflecting the strength of demand in late 2006. However, the number of mortgage approvals is now running 15-per cent below the high levels of last autumn and at the lowest level since April last year.
Nationwide Building Society agrees the market is cooling, yet claims annual house price growth in May remained "resilient". Chief economist Fionnuala Earley said. "House prices increased by 0.5-per cent in May, down from 0.9-per cent in April.See the full content of this document
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News Update Property
However, the headline annual rate remained in double digits, largely due t...
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