In an article online at Zoopla: The Council of Mortgage Lenders said it was more pessimistic about the property market for 2017 than it had been about this year.
What’s the latest?
Property sales look set to remain weak next year and repossessions may rise, but house prices should hold firm, a major trade body said today.
The Council of Mortgage Lenders (CML) said it was more pessimistic about the housing market for 2017 than it had been about this year.
But it added that while net mortgage lending is predicted to fall to £30bn from an estimated £38bn for 2016, the housing market was relatively well insulated from Brexit compared with other parts of the economy.
Why is this happening?
The CML said its forecasts were more downbeat than last year partly due to the economic uncertainty caused by the UK’s vote to leave the EU.
But it stressed that tax and regulatory changes were also having an impact on the housing market.
Stamp Duty hikes have hit purchases at the top end of the market and among buy-to-let investors, while affordability constraints and weaker consumer sentiment have contributed to lower transactions among other buyers.
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