It is ‘futile' to make predictions of how far property prices will fall given the current market turmoil, says the Council of Mortgage Lenders (CML).
Earlier this year, the CML predicted property price would fall by 7% during 2008, but recent reports suggest prices have already fallen by 12.7% and are set to fall even further in the next few months. In the latest CML News & Views newsletter, the industry association says the current market outlook is too uncertain, and the CML cannot commit itself to any further predictions. The CML says: “In May, when we last updated our market forecasts, we predicted a 7% correction in house prices this year. Clearly, that forecast now underestimates the extent to which property values are set to a...
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