Tuesday, Sep 23, 2008
Council Of Mortgage Lenders Spin Department throws in the towel ...
FT: Lenders drop house price forecast
For those who don't have time to register for the FT online ..."The Council of Mortgage Lenders, whose house price forecasts have been among the UK’s most optimistic, on Tuesday threw in the towel, saying conditions were too difficult to make predictions, and that no improvement was likely until 2010. The CML’s last forecast, made in May, was for prices to be 7 per cent lower in the fourth quarter than last year. Indices from Halifax and Nationwide, both CML members, suggest that prices are already down by more than 10 per cent on the year. Halifax and Nationwide are forecasting peak to trough declines of 20 to 25 per cent and some private sector economists are predicting even steeper falls."
Posted by mark wadsworth @ 11:28 PM (539 views) Add Comment
4 Comments
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1. amjidk said...
"Halifax and Nationwide are forecasting peak to trough declines of 20 to 25 per cent "
that probably means that the falls will be around 40 to 50%..
2. Phdinbubbles said...
I was about to compare these guys to Muppets, but then realised that 1. I like the Muppets. 2. Muppets serve a useful purpose in entertaining us.
3. uncle tom said...
I take this as a realisation that prices need to correct further before any sort of normality can return to the market, and that the sooner that correction occurs, the better.
Let the meltdown commence!
4. inbreda said...
obviously the CML are a huge VI, so i read this article as "CML too embarressed to keep talking sh**e in the face of such a unanimous and far more respectable opposition"