Can you hear that sound? It is the sound of the UK housing market getting crunched. The market has just hit a wall.
Today, the Council of Mortgage lenders poured more cold water on the housing market. According to their latest press releave, gross lending declined to an estimated £30.7 billion in November, down 8% from £33.5 billion in October and 8% from £33.2 billion in November 2006, according to the Council of Mortgage Lenders.
As the press release starkly put it: "this is the first time that monthly lending levels have dropped below the same month in the previous year since July 2005, and clearly demonstrates the market slowdown has started. "
2 comments:
The housing bubble is over. No mortgages means no demand.
I predict a 10 percent fall in prices next year.
betcha housing demand will pick right up again in the New Year.
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