7 Aug

Market 'back to normal next year'

Market 'back to normal next year'

The mortgage market in the UK will return to normal in a year, a new study has suggested.

A survey of mortgage intermediaries by Pink Home Loans has found that eight out of ten believe some sort of normality will have returned to the market this time next year, with just over half stating the expect the market to recover inside the next 12 months, mortgageintroducer.com reports.

It found that nearly one-in five (18 per cent) anticipate a market recovery within the next six months, something that associate director of marketing and IT at the firm Neil Hoare said was "surprising".

He added: "In some ways it's good to see the positive nature of the intermediary marketplace."

The positive expectations may reflect a view in some quarters that the property market will see a new boom once the current downturn has passed by.

Such predictions include that by the Centre for Economic and Business Research, which forecast last week that the lack of new homes being built now could lead to a 30 per cent rise in prices between 2009 and 2012.
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