Market Commentary from the Council of Mortgage Lenders

Published ¤ 22/06/2009

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Large cuts in interest rates have benefitted many, making it easier for households who suffer a loss of income to continue to pay their bills. As a result, we expect fewer borrowers to fall behind in their mortgages payments this year than previously and fewer possessions. But the deteriorating labour market means that the number in arrears will still rise.

The raft of measures taken by the authorities over recent months has limited the decline in available funding. However, the lending industry still faces considerable challenges in increasing the supply of mortgage credit. Taken together with a still weak economic backdrop, housing activity is likely to remain subdued for some time yet.
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Council of Mortgage Lenders
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