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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.

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