CML gives up on predictions

The Council of Mortgage Lenders is refusing to make any predictions regarding mortgage lending for the time being.

In a press announcement last week the lender trade body said any forecasts would be pointless at the moment in light of the acquisition of HBOS and the US government’s intervention proposals.

The CML says: “We accept that our existing forecasts understate the likely house price correction in the UK this year but believe it would be futile to update them.”