Mortgage market 'will recover' after recession
26 January 2010 10:00:46
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| Mortgage activity to improve after recession ends. |
Timothy Lambert, head of consulting at property investment consultancy Ducalian, believes that rising interest rates this year will create problems for households.
However, he explained that once economic activity begins to gather pace again, a number of fundamental trends will work in favour of the mortgage market.
He said: "Once interest rates start to rise, we will see more repossessions as mortgages become unaffordable for some families who have had wage cuts or even gone from two salaries to one as a result of the recession.
"Yet the market will recover as the UK's population is growing and we have a limited landmass. People will buy again."
Mr Lambert was speaking after new research from Halifax indicated that house prices in the UK have increased by 273% on average since 1959, allowing for retail price inflation.
Meanwhile, the Council of Mortgage Lenders suggested last week that gross mortgage lending increased by 14% on a monthly basis during December.
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