"High octane volatility" in the money markets is making predictions on the future of the housing market more difficult, according to the Council of Mortgage Lenders (CML).
The CML claims the latest development in the banking sector, like the bail-out of HBOS by Lloyds TSB and the collapse of Lehman Brothers, were unexpected and the body said decisions have been made that many would have deemed impossible a few months ago.
With house prices falling, sales plummeting and remortgaging activity low, the CML said the lack of credit available for people wanting to take out a mortgage needs to be addressed immediately.
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