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Mortgage levels rise despite static house prices

23 January 2006
Mortgage levels rose overall in 2005 despite house prices remaining static, according to new research.

Moneyextra's monthly mortgage market monitor revealed the average mortgage value completed by the company in December was £143,643 – a 14.74 per cent increase on the previous year's figures.

Nevertheless, in the same month, the average property value being searched for on Moneyextra was £207,850 – just 1.25 per cent more than it had been in December 2004.

The broker's study also showed that property values being searched by novice buyers saw an 8.59 per cent rise to £165,779.

However, house values being searched by other prospective homebuyers decreased during the course of the year by more than £4,000, bringing the average to £244,771.

Last month, the average mortgage people searched for on Moneyextra's website was £127,380 – down 0.45 per cent on the previous year.

Despite the fall in the mortgage values for those looking to move and those remortgaging, the value sought for first-time buyers saw a 2.06 per cent increase on the month.

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