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Property market "losing momentum"

The UK housing sector is bracing itself for a difficult few months as signs of a slowdown become clearer, an industry expert has stated.

Chief economist at the Royal Institution of Chartered Surveyors (Rics) David Stubbs said that "an economic slowdown is underway and the housing market is losing momentum" in the wake of recent credit problems and turmoil in the global markets.

Mr Stubbs was responding to the latest report from the Council of Mortgage Lenders (CML), which predicted a "testing time" ahead for the property market, despite the fact that gross mortgage lending increased in October from the previous month, reaching £32.4 billion.

CML director general Michael Coogan commented: "Ongoing pressures in financial markets feed through into the wider economy.

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

However, analysts at both CML and Rics stated that the anticipated interest rate cuts of early next year will help to restore consumer confidence and ease borrowing conditions for British property owners. A personal loan can help with the cost of running a home.

See how much you could borrow with a home loan from Lombard Direct.

© Adfero Ltd

21/11/2007 11:50:18

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