National Homebuyers: 'Credit crisis to affect housing for some time'

The global credit crunch is set to continue causing uncertainty in the banking and housing markets for some time.

[ClickPress, Mon Nov 26 2007] That is according to the Council of Mortgage Lenders (CML), which says that the mortgage market is likely to still be feeling the effects into next year.

It is bad news if you are looking for someone to buy your property as it means that many people will be put off from entering the housing market.

Bernard Clarke from the CML told BBC Radio Four's 'The World at One' that it is unclear when the troubles will end.

"I think we're going to see this period of uncertainty continuing for some time," he said.

"We're also seeing inter-bank lending rates creeping back up again and there is no obvious sign of wholesale markets returning to normal.

"So this is going to feed on into mortgage lending into next year we think. Those lenders that are dependent on wholesale markets will continue to have difficulty until we see something like normal conditions returning to those markets," concluded Mr Clarke.

Fast property sale expert Julian King concludes, "As more and more people are put off entering the property market, the lack of buyers will mean home sales will slow further, bringing prices down, as those who need a sale are forced to reduce their prices.

"Anyone looking for a quick property sale are forced to look for alternatives to the traditional high street estate agent for a solution".

Mr King is a director of National Homebuyers, the UK's leading fast property purchase firm. The Sussex-based busines guarantees to make an offer to purchase any property in the UK for vendors who need a quick cash house sale.