The Council of Mortgage Lenders has published a forecast that next year net mortgage lending will fall to the lowest level since 1980. It will be £6bn compared with £110bn in 2006. It could be worse - the CML are assuming there is no double-dip.
This will have implications for the housing market.
Yesterday I was reading the latest Research in Public Policy bulletin from the CMPO think tank at Bristol University. It included research on a link between house prices and well-being. The study found a correlation but explaining it is more tricky. The article suggested: "Perhaps the state of the housing market – and media coverage of the housing market – foster a ‘feel good factor’ when house prices perform well – and vice versa." That feel bad factor might be bad news for David Cameron's happiness index.
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