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June 21, 2007

Slowdown in the UK Housing Market

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by Kay Mitchell

Slowdown in the UK Housing Market

Recent statistics from the Council of Mortgage Lenders (CML) are showing signs that the UK housing market is slowing down.

In May, gross mortgage lending was up by 5% on the previous year’s figure.

Although this figure is a new record, it does highlight that the market is cooling down following the continued growth seen last year.

It is believed, however, that the market will remain solid going forward. Further base rate increases will continue to dampen demand but the prediction of a record £360 billion of lending is still on target.


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