Wondering whether now is the time to sell your house quick? If so, you may be interested to hear that the ongoing uncertainty in the European economies means property market activity is likely to remain flat next year.
That is according to the latest data from the Council of Mortgage Lenders, which has confirmed it now expects gross lending in 2011 to total £138 billion, with net lending of £9 billion.
CML chief economist Bob Pannell remarked: “The weak state of the wider economy and household finances creates a challenging and highly uncertain backdrop for the housing and mortgage markets.
He added: “Despite the fact that activity levels have already been subdued for several years, we have pencilled in a broadly flat picture – for both mortgage lending and property transactions – at least until real incomes show signs of stabilising as inflationary pressures recede.”
He went on to point out that activity in the housing market could improve if European leaders can reach agreement over the continued problems in the eurozone.
December 15, 2011 at 2:17 pm | Uncategorized |
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