29 Oct

Demand for housing to prop up property market, says CML

Demand for housing to prop up property market, says CML

The lack of housing supply will mitigate against a significant downturn in house prices, it has been claimed.

According to Bernard Clark of the Council of Mortgage Lenders (CML), Britons' continued desire to own a property rather than rent, coupled with the fact that housing remains in short supply in the UK, will provide ballast to the housing market.

Mr Clark also dismissed fears that the recently noted cut in the number of mortgage products available would impact on the market unduly.

He said: "I don’t think the availability of mortgages is going to be affected to such an extent that it will affect the housing market.

"There are still strong aspirations to home ownership and any easing of prices would mean buyers who have been priced out of the market would have opportunities to enter the market and will take them.

"That would ensure that across the whole market - there may be some differences in individual locations - the housing market will continue to be buoyed by that effect," Mr Clark said.


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