An industry analyst has attempted to dispel the doom and gloom surrounding the housing market in the UK.

Barney McCarthy, editor of YourMortgage, stated that the current situation is not actually as bad as many people like to suggest.

Indeed, he said the state of affairs during recent years has been the exception rather than the rule, as the market is now returning to normality.

"Over the last couple of years, it has almost been too good to be true,"he commented.

Mr McCarthy added that although lenders are now being more careful with their money, this does not mean there is no hope in sight.

He said the downturn means buyers are less likely to get themselves in a position where they are struggling to pay, as they are having to adopt a more sensible approach.

According to data from the Council of Mortgage Lenders, gross mortgage lending in the UK totalled approximately £18.7 billion last month.

This is nearly seven per cent up on the amount recorded in September.

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