Mortgage market is facing a testing time, says National Homebuyers

The Council of Mortgage Lenders (CML) says that the next few months will be "testing" for the mortgage market.

[UKPRwire, Mon Nov 26 2007] It comes despite the latest figures showing a six per cent increase in gross mortgage lending in October.

However, the CML says that the figures do not take into account the wholesale funding problems which have rocked the industry.

The organisation says that it expects mortgage lending to have fallen in the third quarter and does not anticipate things getting better any time soon.

"The next few months will be a testing time as ongoing pressures in financial markets feed through into the wider economy," said Michael Coogan, director general of the CML.

"Funding constraints will continue to restrict lending activity and make loans more expensive," he continued.

Fast property sale expert Julian King adds, "The coming year will be an even more difficult year for homeowners.

"As lending restrictions continue to limit the numbers of buyers available, as properties hit the market in the first quarter of 2008, the vendor will be faced with buyers who have sufficient choice to control the prices.

"The lack of buyers will make the time to sell each property longer as well, making a quick house sale on the open market even more difficult".

Mr King is a director of National Homebuyers, the UK's leading fast property purchase firm. The Sussex-based busines guarantees to make an offer to purchase any property in the UK for vendors who need a quick cash house sale.

The news will not be well received if you are looking for someone to buy your property and follows Rightmove's house price index which showed that house prices fell by 0.7 per cent between October and November.

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