/24-7PressRelease/ - LONDON, UK, June 15, 2006 - Council of mortgage lenders (CML) have amended housing market forecast for another two years. It is expected that housing prices will be raised by seven percent at the end of 2006. In contrast with early prediction, house price will be inflated by three percent and not two percent as anticipated earlier. Property sales is also likely to rise from 0.97 million to 1.2 million, according to the revised forecast.
The forecasts for the housing market for another two years have been revised. It has been predicted that home price will be seven percent higher as compared to the prices at the start of the year. It is further predicted that inflation will rise by three percent rather than two percent as predicted earlier. The revised forecast advises that property sales will rise from 0.97 million to 1.2 million.
Earlier, net lending was predicted to be 80 million will now reach up to 100 million. Predicted figures available by CML, indicates that gross lending will reach 310 billion this year. Jim Cunningham, senior economist at the CML said that the recent trend showed that the demand would be there over next few months. Latest economic reports have urged CML to forecast on interest rates. There are speculations that base rates will be 4.75 per cent against 4.5 percent at the moment.
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