More households expected to be in arrears next year
19th December 2008
Some 500,000 households are expected to be more than three months in arrears by the end of 2009, according to the Council of Mortgage Lenders (CML) mortgage market forecasts for 2009.
This year the figure is expected to be 210,000 and the CML says the situation will be impacted by lack of consumer confidence just as much as the availability of mortgage finance.
"The housing market has borne the brunt of these difficulties and is going through a difficult adjustment process. The process is likely to be extended by a weak economic backdrop and the lack of available finance," says the CML.
"We envisage housing market activity remaining extremely subdued, with around 700,000 housing transactions in 2009, down from around 900,000 this year and 1.6 million in 2007."
Property investors concerned about the situation can take advantage of platforms such as Ready4Recession, a website that was recently launched by SimpliGroup to help investors by providing topical and useful advice to survive the credit crunch.
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UK Property Investment
19th December 2008
Some 500,000 households are expected to be more than three months in arrears by the end of 2009, according to the Council of Mortgage Lenders (CML) mortgage market forecasts for 2009.
This year the figure is expected to be 210,000 and the CML says the situation will be impacted by lack of consumer confidence just as much as the availability of mortgage finance.
"The housing market has borne the brunt of these difficulties and is going through a difficult adjustment process. The process is likely to be extended by a weak economic backdrop and the lack of available finance," says the CML.
"We envisage housing market activity remaining extremely subdued, with around 700,000 housing transactions in 2009, down from around 900,000 this year and 1.6 million in 2007."
Property investors concerned about the situation can take advantage of platforms such as Ready4Recession, a website that was recently launched by SimpliGroup to help investors by providing topical and useful advice to survive the credit crunch.
<< Back to News