Economic uncertainty likely to slow UK housing market recovery

The UK housing market is unlikely to experience any significant changes within the next year, the Council for Mortgage Lenders (CML) has claimed.

According to the organisation, uncertainty surrounding the forthcoming general election and economic recovery are causing a number of individuals to put off purchasing property.

A spokeswoman for the CML explained that the market is likely to experience a mixture of ups and downs but that significant movement is unlikely due to the lack of transactions currently taking place.

"There will be ups and downs but what we think is that everything is going to be flat for the rest of the year and there is not going to be a lot of movement either way," she explained.

Property analyst Hometrack recently revealed that house prices in the UK rose by 0.2 per cent during April compared to the previous month.

However, the organisation claimed that the increase was bolstered by above-average growth of real estate values in London of 0.6 per cent.

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