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UK mortgage market showing signs of strength

The UK mortgage market would appear on the surface to be relatively strong at the moment with mortgage interest payments now at a 35 year low. The figures for April show that mortgage completions increased to 42,000 which equates to £6 billion in value. This is a 2% increase in mortgage completion numbers and a 3% increase in mortgage values, compared to the previous month. So is the mortgage arena set for further growth in the short term?

The very fact that lending in the UK mortgage market has increased, for the 11th month in a row, is obviously a positive sign although, unfortunately it does look as though the market may well be a little more troubled in the second half of 2010. Many experts, in fact the vast majority of experts, predict that the UK economy will struggle in the latter part of 2010 due to various budget changes and tax increases. Whether this will be enough to push the UK economy towards a recession remains to be seen but there is no doubt that the economic recovery at the moment is very fragile.

Just when the UK property sector, and the mortgage arena, appear to be getting back on their feet there is yet another hurdle to clear in the long-term move towards a strong economic recovery in the UK.

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