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Tuesday 2nd December 2008
The Council of Mortgage Lenders (CML) has today stepped into the breach and suggested that mortgage rationing will become more evident in 2009. The announcement has taken many by surprise as there were signs of increased activity and potential increases in liquidity in the mortgage market. However, the CML is closer than most to the industry and indications are that liquidity is set to dry up in 2009 and less mortgage approvals will be agreed.
This announcement is a bitter blow to the UK government who had started to see some light at the end of the mortgage tunnel in relation to liquidity and rates. There are suggestions that the downbeat CML report may act as a wake-up call to industry and the government and the fact that much more needs to be done to return the market to anywhere near its "normal" levels.
A further rationing of mortgage liquidity in 2009 will have a serious impact on the market itself and property prices could well come under further pressure. If the CML is correct we could see the situation in the UK property market get very much worse before it gets better. Watch this space……… |
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