CML Market Commentary

MARKET COMMENTARY from the Council of Mortgage Lenders

While housing and mortgage market activity has proceeded largely as expected in the last month, there have been some rather more positive signs for the future. We have seen some activity in the wholesale funding markets, allowing several highly rated institutions access to new funding. Confidence in the housing market and economy at large has improved, and house prices have now retraced much of the ground lost over in the past year.

Unemployment has not risen by as much as might have been feared – we have seen the first slowing in the rate of increase in the current cycle. While the number out of work is rising, it is possible that the peak may be rather lower and earlier than previously expected. At the same time, low inflation figures support the view that monetary policy can remain supportive for some time to come.
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