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 An MP has said that figures which recently showed a fall in mortgage lending were proof of "rockier times ahead".
Liberal Democrat Shadow Chief Secretary to the Treasury, Julia Goldsworthy MP was commenting on a recent report from the Council of Mortgage Lenders which revealed that lending fell by 12 per cent last month.
The organisation said that the number of approved mortgages plummeted suggesting the housing market is quickly running out of steam.
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Speaking about the survey, Ms Goldsworthy said: "These figures are further evidence that the British economy is heading for rockier times.
"Future statistics may show an even steeper downturn, once the US credit crunch is taken into account."
She added that the report also backed up research by the International Monetary Fund which clamed that the UK housing market was "heading for a fall".
"House prices should be added to the inflation index, to give a more realistic indication of how high inflation really is," she added.
Julian King of National Homebuyers said: "The IMF also highlighted that UK property prices are 40 per cent over valued. I think we have always been aware that prices are unnaturally high, but only when this knowledge start to get taken into account can we really start to worry.
"A price fall has already begun, we are poised to deal with the increasing number of homeowners who want a quick property sale. But the point when the market turns steeply is yet to be revealed."
Mr King is a director of National Homebuyers, the UK's leading fast house sale company that guarantees to make a quick cash offer to purchase any property in the UK, regardless of its condition or location for vendors who need a quick sale.
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