CML Warns of House Price Falls
The head of the Council of Mortgage Lenders has today warned that the goldern age of home ownership could be over and that new mortgage rules will cause house prices to fall further.New rules are expected to be introduced from next year, with tough guidelines on how much someone can borrow and that could also see an end to interest only mortgages.
He argues these new rules make banks far more risk averse and therefore less likely to lend money for home purchase. New affordability criteria would mean that even fewer first time buyers will be able to access mortgages, removing an important prop to house prices.
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