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The current housing market downturn will only continue if the financial industry and consumers allow it to, an expert has claimed.
By talking about the possibility of a "housing market slump", those looking for mortgages are enforcing a negative state of mind about the current market conditions, Norwich Union stated.
The equity release market has not yet seen the downturns that the standard mortgage market has and only time will tell whether it will or not, Anthony Rafferty, head of marketing post-retirement for Norwich Union, said.
Mr Rafferty added: "We are a nation talking ourselves into a housing market slump by using the word slump. It`s too early to say what impact the housing slump will have on equity release customers."
According to a recent survey by Halifax, the average house price dropped by 1.1 per cent in November.
