PAINFUL TRANSITION FOR HOUSING MARKET

BRITAIN’S housing market is undergoing a “painful transition” in adapting to weaker credit conditions, Bank of England rate-setter David Miles said yesterday. Demand for housing is lagging following the end of “unsustainable” levels of mortgage debt availability, Miles said. Speaking at the Home Builders Federation conference, Miles said that first-time buyers would adapt to save more for deposits, although this “may take some years.”