The gloomy picture that has been painted by the Bank of England is not justified as the housing market is stabilising.
The Intermediary Mortgages Lenders Association (IMLA) is counter balancing the negative tone of yesterday's negative Credit Conditions Survey produced by the Bank.
The IMLA claimed that demand for secured loans is healthy and demand for buy-to-let and non-prime mortgages have exceeded expectations, indicating that consumers are confident enough to wish to borrow.
The survey highlighted a decreasing demand for house purchases, whereas, it indicated a growing demand for remortgaging .
It also stressed the good positive news that the three-month Libor, the interest rate that banks pay to borrow money, has also declined.
There is no need to talk ourselves into recession for there is no real reason to do so. There is a stabilising from record levels of lending and the key factors of the housing market remain strong.
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Housing Market Stabilising Fri, 04 Jan 2008
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