GMAC comments on CML figures

GMAC Residential Funding has recorded a 49% increase in mortgage completions during the month of August 2003, compared to the same month in 2002.

The most significant growth has been in buy-to-let with completions in August 2003 being more than double that of the corresponding month of 2002.

GMAC Residential Funding has also seen an overall increase in total mortgage completions of 24% so far for this year, compared to the same period in 2002. (Jan-August).

Jeff Knight, Head of Marketing Services for GMAC Residential Funding says: "Our figures back up the strong growth seen by the CML and show that the market as a whole continues to be buoyant. The fact that our buy-to-let completions are so high supports the CML's theory that the market is still difficult for first time buyers, which is maintaininga healthy demand for rental properties."