LONDON (MNI) – The departing head of the Council of Mortgage
Lenders has said he expects the current subdued levels of lending to
continue all the way through to 2014.
CML Director General Michael Coogan sees no quick rebound in the
mortgage market in the wake of the financial crisis. Bank of England
data show mortgage approvals flatlining around half their long run
average, and Coogan does not expect much to change.
“In the short term, my best guess is that 2012-14 will be similar
in lending terms to 2009-11. In some people’s view it is a stagnant
market, whereas others will see it as stable and a welcome adjustment to
the over-exuberance in lending in 2006 and 2007,” he said.
The comments come in an in-house CML publication, issued ahead of
his departure.
–London newsroom: +44 7 862 7491 email:drobinson@marketnews.com.
[TOPICS: MABDS$,M$B$$$]
