Council of Mortgage Lenders plays down mortgage recovery
Michael Coogan, the director-general of the Council of Mortgage Lenders (CML), has played down hopes of a short-term recovery in the UK mortgage market. Despite signs that demand may be returning to the market, the director-general suggested that these "green shoots" have no roots. So what does this mean for the UK mortgage sector?
The CML believes that the UK mortgage market will remain volatile, month on month, for sometime to come as the imbalances in the sector continue to move and eventually level out. However, the fact that the CML is not expecting a short-term recovery in UK property market is a significant blow for the UK government and many investors in the sector. While we have seen a flurry of positive reports in the UK property sector over the last few weeks, the last few days have seen a significant number of reality checks released to the market.
It is hoped that investors and consumers alike will now take a more balanced approach towards the sector, which will eventually take the UK economy into positive ground. However, when this will happen is anybody's guess at this moment in time. Volatility would appear to be the name of the game in the short to medium term at least.
Share this..
Related stories
Will China suffer if Google leaves?
Google has suggested it may well close its Chinese operation after the company recently encountered wave after wave of cyber attacks. The US government has joined the fray today suggesting that the Chinese authorities need to work with Google on security and creating an environment in which Google and other US companies can proposer. There is the potential for some significant political fallout wh...
Read MoreStudent loans review rejected by the Government
07/11/2014 MPs call for an urgent review of student loans has been rejected by the Government, despite being told the current system is under threat because of a “large potential black hole” in its figures. The Commons Business, Innovation and Skills (Bis) Committee has predicted that the student finance system will be carrying £330 billion in student loans debt by 2044. Under the curre...
Read MoreConservative party announces plans to abolish FSA
The Conservative party has announced plans to abolish the Financial Services Authority (FSA), should it gain power in the next general election, in a move which will significantly change the regulatory landscape in the UK. The closing down of the FSA would see all regulatory powers transferred back to the Bank of England which would take a more hands-on approach to regulatory issues in the future....
Read MoreBT looks to clarify crown guarantee
This week will see a very important case come to court in a move instigated by the trustees of the BT pension scheme who are looking to clarify the extent to which the UK government would underwrite the pension scheme via its "crown guarantee". Both BT and the trustees of the BT pension scheme have been in talks for some time about reducing the £9 billion deficit which has built up over the last...
Read MoreCould the UK lose its Triple-A credit rating?
Despite the fact there is still significant concern about the state of the UK national finances, very few people believe that the UK's AAA credit rating is seriously at risk. However, Neil Woodford, one of the U.K.'s leading fund managers and head of investment at Invesco Perpetual, believes that there is a "high probability" of Britain losing its AAA credit rating. So is this a real possibility?...
Read More