CML says major changes in housing market unlikely in near future

Date:Wednesday 14th April 2010
Author: Max Freedman

The Council of Mortgage Lenders (CML) has predicted that that there are unlikely to be any major changes in the housing market in the next couple of months as a result of the political uncertainty brought about by the upcoming general election.

Bob Pannell, head of research at the organisation, made his comments regarding the latest CML figures on house purchases in February, which experienced 49 per cent year-on-year growth and a 12 per cent increase compared to the previous month.

He commented that the end of 2009's stamp duty concession has made it hard to establish clear trends in the market, but the tight supply of credit is definitely holding it back.

"The new stamp duty exemption for first-time buyers could boost the market somewhat and we hope to see the traditional seasonal pick-up as the weather gets warmer and the days get longer," added Mr Pannell.

Last month, the CML stressed that it was disappointed by the lack of detail in the chancellor's Budget about how the government is going to remedy the £300 billion funding gap in the housing industry.