Stop the pessimism, urges IMLA

The Intermediary Mortgage Lenders' Association (IMLA) has said there are many reasons to be positive about the housing market in 2008, but positive news is being ignored.

Executive director Peter Williams commented that the latest Bank of England data had revealed many positive figures which too many commentators had failed to recognise.

This included a "buoyant" market for secured loans as well as products such as buy-to-let mortgages, which existed despite negative media comment since "British consumers are still confident enough to want to borrow, partly because they take a longer term view".

Mr Williams commented that those planning such positive moves could do so because reasons for optimism included a gradual fall in inter-bank lending rates and likely cuts in the Bank of England base rate.

The comments came before Lloyds TSB published a survey showing just over half of UK businesses took a pessimistic view of the prospects for the UK economy in 2008.


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