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Tuesday, June 28, 2016

CML predict a slowing market but no crash

CML lending data for May 2016 saw gross mortgage lending at £18.2 billion, 4% up on April, and 14% up on last May. It is the highest May lending figure since the pre-crash May 2008.

CML's economist Mohammad Jamei comments  -

“As expected, lending continued to be somewhat dampened in May, reflecting the earlier rush in the first quarter to beat the stamp duty change on second properties”

CML Brexit concerns

The CML predict the Brexit result will cause a fall in property transactions but no crash in prices thanks to a 'mismatch between supply and demand'.

Jamei comments  -

“Looking ahead, there is likely to be considerable uncertainty as a result of the referendum decision. We expect this to affect sentiment and reduce activity below levels that would otherwise be expected in the near term, as both buyers and sellers adopt a wait-and-see attitude until the dust begins to settle.

Market fundamentals underpinning house prices still look sound, and we do not expect significant house price falls, especially given the current supply demand imbalance.”

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