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Northern brokers feel property pinch

Mortgage brokers in the North are demanding a cut in interest rates

following research revealing rising interest rates are making it hard to

sell properties.

New research suggests that while brokers in the South-east are enjoying a

booming market, their Northern counterparts are seeing interest rate rises

hitting the non-conforming market particularly hard.

The survey, by non-conforming lender Kensington Mortgage Company in

conjunction with Money Marketing, says 83 per cent of brokers in the

South-east are seeing house prices increasing in their area compared with

only half in the North.

Two-fifths of all brokers feel the best help the Government could give to

the housing market is to push for interest rate cuts. This figure rises to

almost two-thirds of Northern-based brokers.

Fourteen per cent say mortgage protection insurance should be compulsory

and 10 per cent say there should be more help with mortgage arrears.

Over half of all brokers feel that recent rises are hitting borrowers with

impaired credit and insecure occupations.

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