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27 June 2016

Home-buyers ‘will wait for referendum dust to settle’

Vendors and home-buyers alike are set to adopt a "wait-and-see attitude" following the UK's decision to leave the European Union, according to the Council of Mortgage Lenders (CML).

The prediction comes as new figures show that gross mortgage lending hit an eight-year high for May last month.

Mohammad Jamei is a senior economist at the CML.  He says in the short-term the outcome of the EU referendum is likely to generate "considerable uncertainty" in the housing market. 

Some property buyers and sellers, he adds, will be waiting "until the dust begins to settle", reducing activity in the housing market to below the levels that would otherwise be expected.

But Mr Jamei says the current imbalance between the demand for housing and the supply of properties means the CML is not expecting to see house prices fall significantly as a result.

Last month, the CML estimates that gross mortgage lending totalled around £18.2 billion.  That was 4% higher than the previous month's total of £17.6 billion.

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