29
Oct
Demand for housing to prop up property market, says CML
The lack of housing supply will mitigate against a significant
downturn in house prices, it has been claimed.
According to Bernard Clark of the Council of Mortgage Lenders
(CML), Britons' continued desire to own a property rather than
rent, coupled with the fact that housing remains in short supply in
the UK, will provide ballast to the housing market.
Mr Clark also dismissed fears that the recently noted cut in the
number of mortgage products available would impact on the market
unduly.
He said: "I don’t think the availability of mortgages is
going to be affected to such an extent that it will affect the
housing market.
"There are still strong aspirations to home ownership and any
easing of prices would mean buyers who have been priced out of the
market would have opportunities to enter the market and will take
them.
"That would ensure that across the whole market - there may be some
differences in individual locations - the housing market will
continue to be buoyed by that effect," Mr Clark said.
