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Homeowners Managing Mortgages Very Well

A housing market expert has said that householders are managing their mortgage debts "very well".


The Council of Mortgage Lenders (CML) has said that repossession levels are at very low levels when compared with the past, which suggests that homeowners are being sensible with their finances.


Bernard Clarke, spokesperson for the CML, said: "If you look at the arrears and repossession figures they are at historically low levels.


"This suggests that most people not only have little difficulty paying back their loans, but that they manage their debts very well."


His comments were a response to a study by Yorkshire Bank that revealed six in ten people would consider taking out a mortgage that was up to five times the multiple of their salary.


The CML has said that it expects house prices to rise seven per cent this year, compared with ten per cent last year.


However, the organisation said that further interest rate increases is likely to dampen demand among first-time buyers and those thinking of moving house.


The Council of Mortgage Lenders (CML) has said it expects house prices to rise by seven per cent this year, compared with ten per cent in 2006.


This is almost as optimistic as the Centre for Economics and Business Research's prediction that house prices will increase by 7.6 per cent this year or 1,000 a month.


According to the latest newsletter from the CML, the London market, fuelled by large City bonuses, is expected to drive much of this year's growth, although Northern Ireland is expected to play a vital role too.


However, the risk of further increases in interest rates is likely to dampen demand from first-time buyers and those thinking of moving.


The CML also admitted that it drastically underestimated how well the housing market would perform in 2006 and was taken by surprise by the strong demand for housing, the healthy buy-to-let sector and stability in the economy.


The National Association of Estate Agents has said it expects the housing market to be "very steady" this year, although areas with discernible housing shortages, such as Greater London, could experience a rise in prices.


TML Mortgages provide mortgages and remortgages within the UK.


Source: www.articlebiz.com