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Posted by Helen Jones

People planning on buying a home in the near future might be interested that one expert believes the UK's mortgage market will remain "relatively flat" over the duration of 2011.

According to Andy Pratt, chief operating officer of Alexander Hall, the home credit sector will not display much fluctuation throughout the coming 12 months, however, he added that the period is likely to be characterised by a number of "spikes" in activity at various points.

He noted that the market will be "fairly fragile" as it remains primarily dependent on the state of consumer confidence, which is still relatively low as the country continues to emerge from the effects of the global economic downturn.

However, Mr Pratt added that a "slight increase in approvals" could occur in the near future before a "drop-off" follows swiftly after.

This comes after the Bank of England stated yesterday (January 4th 2011) that the number of remortgages rose sharply in November 2010 compared to one month earlier.
 

05/01/2011 15:07