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Bad weather affects mortgage market

Thursday, 11 February 2010 12:00 PM

Recent bouts of snowfall and ice have affected the mortgage market, putting a hold on many transactions, according to one industry expert.

All aspects of the sector came to a standstill in the winter weather, said Catherine Hearnden, director of financial advice firm MyMortgageDirect.

"Surveyors weren't able to get properties, people weren't able to go and view, estate agents were closed, solicitors weren't available," she explained.

Traditionally, warmer weather sees housing activity pick up, with Easter a key time for people to start looking at buying houses, the mortgage expert continued.

The climate has always had an effect on the property market, but should not be a major cause of concern, Ms Hearnden added.

Figures from the Royal Institution of Chartered Surveyors revealed that house prices rose again in January but buyer interest and new instructions to sell fell. Newly-agreed sales fell for the first time in ten months amid the winter conditions.

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