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Are house sales set to fall further?

Just when many people had started to see light at the end of the tunnel the Council of Mortgage Lenders in the UK has this evening suggested that house sales could fall to less than half of levels seen in 2007 as the property recession continues to kick-in. With 75,000 homeowners set to lose their properties in 2009 the next 12 months many homeowners are fearing financial destitution and severe hardship in the short to medium term.

Time and time again we have seen housing experts clawing at the possible bright lights of recovery but again the lights have dimmed and the situation looks set to get darker. Mortgage liquidity is nowhere near the level seen last year, interest rates have not fallen in line with base rate, charges have increased for new mortgages and first-time buyers have literally been frozen out of the market. Against this backdrop the UK property market would appear to have little chance of recovery in the short term although how far house prices and sales numbers will fall very much remains to be seen.

While many have compared the housing situation to that seen in the 1990s, many are now looking further back with serious concern about the short to medium term.

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