Council Of Mortgage Lenders (CML) has issued a downbeat report on the outlook for the UK housing market

In a move which has probably crystallised the fears of many in the UK, the Council Of Mortgage Lenders (CML) has issued a downbeat report on the outlook for the UK housing market. While government forecasts estimate a fall in property prices in the region of 5% to 10% this year, the CML believe it will be around the 7% level, with 35% few transactions compared to 2007.

While this is one of the more depressing forecasts for the housing market, the CML has very much had its finger on the pulse in the past and is well respected by the industry. However there do seem to be some crumbs of comfort for the future with the CML leaving their forecast for repossessions in 2008 unchanged and commenting on the fact that many coming off fixed rate mortgage deals are adjusting well to the change in payments.

On the whole the CML report seems to portray a possible bottoming of the market in 2008, assuming no further shocks, and a period of consolidation at lower levels in 2009. However, this may all change if the growing problems in the UK sub-prime mortgage market continue to grow and more people fall behind with their mortgage payments.

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