Despite the high number of repossession order notifications and the 4 million on the housing waiting list, the Council of Mortgage Lenders (CML) has revealed that the UK housing market is experiencing a flat period. The industry experts say that this stagnant plateau is because very few people are able or want to buy a home.
The CML say this is because of the high deposit rates required by banks and lenders to reduce risk. In addition, prospective buyers are choosing to stay put or rent because of uncertain about the economy and upcoming general election. As a result of buyer disinterest, month on month house prices have risen by just 0.1% or 0.2% over the first 3 months of 2010.
