CML: Housing activity to stay low

Housing activity is still relatively low and the upcoming general election will see this pattern continue for a while longer, according to an expert.

Michael Coogan, director-general of the Council of Mortgage Lenders (CML), noted that if taken together, January and December show no major changes in the underlying conditions of the market, compared to previous months.

With the recovery of the economy still uncertain, he added, there are not expected to be any major changes in the amount of movement in the sector.

The quiet start to the year had been expected, Mr Coogan remarked, while the ending of stamp duty distorted the figures produced for the last month of 2009.

Data released by the CML has shown that there were 49% fewer home purchases in January than there were in the previous month.

The organisation recently urged the Treasury to commit to measures that will see finance made available to borrowers who are struggling.