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UK Property Market Recovery To Continue Next Year: CML

Dec 20 2012
By
Forexbrokerz.com

Activity in the British mortgage market has been stronger than estimated, and the ongoing recovery is set to continue into 2013, supported in part by the government's Funding for Lending scheme, a report from the Council of Mortgage Lenders (CML) said Thursday.

According to latest estimates released by the CML, the number of property transactions will total around 930,000 at the end of 2012, which is higher than 825,000 estimated earlier. The forecasts for gross lending and net lending for this year have been revised up to GBP144 billion and GBP9 billion from GBP133 billion and GBP8 billion respectively.

For 2013, CML forecasts total property transactions of around 950,000, gross lending of a total value of GBP156 billion and net lending of GBP12 billion.

"Whereas the FLS was conceived by the UK authorities to mitigate the worst impacts of a potential fresh credit crunch, its launch has in fact coincided with a more positive external funding environment, in part due to European Central Bank actions," CML chief economist Bob Pannell said.

Underscoring the improvement in market conditions, mortgage arrears have been lower this year than originally forecast, and the number of repossessions is likely to be much lower at the end of the year than estimated, CML said.

The material has been provided by Instaforex Company - instaforex.com
TAGS: UK  Property  Market  Recovery  To  Continue  Next  Year:  CML   

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