06-11-2007
IMLA offers positive outlook for UK housing market
The future prospects for Britain's housing market have been viewed positively by the Intermediary Mortgage Lenders Association (IMLA).
According to comments made by Peter Williams, executive director of the IMLA, although there exists the possibility that the housing market may be affected by a number of different variables, the foundations remain broadly sound.
Should a pronounced market correction take place, the IMLA believes the Bank of England should ensure that financial markets are offered the necessary support. "The fact remains that house price inflation will, as always, be uneven across the country, so though we can expect properties in good locations still to increase in value (both actual and real terms) there may be localised falls," said Mr Williams.
Forecast data compiled by the IMLA shows that while the Council of Mortgage Lenders expects house prices to remain flat in 2008, Capital Economics expects a fall of three per cent. Capital Economics specialises in the provision of macroeconomic research.
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