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UK property marketing 'firming up'

Things are looking up in the UK property market, an expert has said.

The UK's property market is "firming up" despite the continuing economic uncertainty, according to Assetz.

Research from the Council of Mortgage Lenders revealed that gross mortgage lending in June increased by 15 per cent compared to May, signalling a strong return of confidence in the market.

Stuart Law, chief executive officer of Assetz, said although property buying had slowed down in recent times, a change in fortunes was imminent.

"We are seeing quite a lot of evidence of the market firming up. It doesn't look like house prices are falling back. The CML's data is indicating that buyers continue to want to buy and we are not seeing those numbers falling away," Mr Law commented.

"We don't think the evidence suggests that there is a permanent slowdown now in the UK housing market. The evidence seems to suggest there was a wobble and the CML figures suggest that things are carrying on."

Mortgage rates in the UK fell to their lowest level in a year during May 2010.

Posted by Leanne Thompson
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