UK Money News
21st May 2008
CML more downbeat on property market
The Council of Mortgage Lenders (CML) has downwardly adjusted its forecasts for house price growth this year and for volume of property transactions set to take place.
In October, the CML had predicted that house prices would increase by around one per cent this year.
It had also forecast that the number of transactions would fall by 14 per cent.
However, in its latest report, the body has now said it expects house prices to fall by seven per cent this year and that there will be 35 per cent fewer property sales.
Report author Jim Cunningham of the CML, said: "The credit crunch has resulted in a gap in the availability of mortgage credit relative to demand.
"Lenders have changed their product ranges, tightened lending criteria and reviewed their pricing in order to maintain their individual ability to manage demand."
The CML unveiled its more downbeat predictions in the wake of figures showing that gross mortgage lending dropped to 25.3bn in April - an eight per cent fall compared with the same month last year.
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