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Mortgage approvals rise in October

Recent figures relating to the UK mortgage market continue to cause confusion and scepticism in equal measures with October seeing a 5% increase in mortgage lending compared to September. The situation is complicated by a number of issues which include the fact that the stamp duty holiday is due to end, the winter period is traditionally a quiet time for the mortgage market and there are signs and hopes of a recovery in the UK property sector.

However, on the back of these improved figures there is still a renewed scepticism after yesterday's statement from the Nationwide which seemed to indicate that one of the U.K.'s leading mortgage lenders is adamant that UK house prices will fall in 2010. There is growing concern that the "bubble" in the UK property market will not last and those who have been "sucked in" may well see a short-term realignment in the value of their assets which could push some into negative equity.

The UK property sector is proving more and more difficult to understand and this is most certainly a worst-case scenario for those operating in the mortgage arena. Scepticism and confusion will eventually lead to reduced mortgage applications which will again place more pressure on the sector and rates.

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