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Government adding to UK mortgage demand

Date: Tue, 14 Feb 2006

The latest government figures show that demand for UK mortgages is set to increase.

New data from the Office of the Deputy Prime Minister (ODPM) reveals that the housing market is showing steady progress with house prices in December increasing by 2.9 per cent higher than in 2004 – a sign that demand for cheap UK mortgages has also strengthened.

A number of other property market surveys are also showing an upsurge in demand, with Nationwide revealing a 0.5 per cent rise in December house prices, whilst Halifax recorded a 0.9 per cent increase.

"The climb in annual house price inflation to 2.9 per cent in December, from 2.2 per cent in November . . . reported by the ODPM adds to the recent evidence that house prices have firmed to a limited degree recently amid stronger housing market activity and increased buyer interest," said Howard Archer, chief UK economist at the Global Insight consultancy.


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