Home
NewsShort-term outlook for mortgage market is bleak, expert says
Short-term outlook for mortgage market is bleak, expert says
Posted by Mark Cunningham
The outlook for the UK's mortgage market in the near future is "bleak" following the global economic downturn.
That is the opinion of Dominik Lipnicki, director at Your Mortgage Decisions, who said the sector is struggling to return to health in the aftermath of the recession due to factors such as historically low interest rates.
Mr Lipnicki explained that the market "has not gathered any real momentum over the last year" and the fact that the Bank of England is not expected to boost the base rate from 0.5 per cent any time soon means that "consumers are not incentivised to source a new deal at the moment".
Recently, the Council of Mortgage Lenders released figures showing that gross lending for packages went up in May, but Mr Lipnicki indicated that such data is "not a true sign of strength" as it is "totally distorted" by the unusual number of public holidays in the UK in April.
24/06/2011 14:20
News category: Property