Availability of mortgages 'will not affect house prices'

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The reduction in the number of mortgage products available to would-be homeowners should not affect house prices, according to the Council of Mortgage Lenders (CML).

Bernard Clarke, the body's spokesman, added that other fundamentals influence the market more, so customers should not be concerned if they discover a lack of variety in the options available to them.

He explained: "The housing market continues to be underpinned by consumer demand for owner occupation, strong aspirations for owner occupation and there's a shortage of supply.

"Those fundamentals will continue to underpin the market to a much greater extent than any shortage of mortgage products to customers."

Mr Clarke also stated that he was "not sure" if there is a lack of confidence in housing and money matters in the aftermath of the so-called credit crunch.

The CML is the largest trade association for mortgage brokers in the UK, with its members accounting for about 98 per cent of the UK residential mortgage market.

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