NAEA reflects on latest mortgage data

22 October 2009

Written by David Whittaker

The latest figures from the Council of Mortgage Lenders (CML) show signs of the "first phase of recovery" in the property market, according to the National Association of Estate Agents (NAEA).

Peter Bolton King, the group's chief executive, asserted that the market is "making slow but steady steps to recovery", particularly as there has been increased demand from first-time buyers in recent months.

However, he explained lenders will have a significant role to play to ensure the success of the "second phase" of recovery.

Mr Bolton King pointed out that the government can also contribute by extending the stamp duty holiday, while proposals from the Financial Services Authority to tighten mortgage lending should be considered with caution.

Earlier this week, the CML commented on the Bank of England's Trends In Lending report, which noted that while remortgaging figures remained "weak", the number of mortgages taken out for house purchase was on the rise.

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