Massive mortgage squeeze on new mortgage lending next year. Sir James is warning that as homeowners are paying off mortgages, banks are putting less money back into the housing market than they are taking out.

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National Association of Estate Agents said that for the second month in a row House sales rose slighlty. Its survey showed that the average estate agent sold seven properties last month, up from just six in September. sellers were now being more realistic and were cutting their asking prices.

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