In our last commentary we looked at the positive impact that the Funding for Lending Scheme would likely have on the availability of mortgage credit going forward and the boost that it would give to the ailing housing market. We cautioned, however, that the patient was still on life support. This explains the cautious prognosis set out in the latest market commentary from the Council of Mortgage Lenders. Even with the benefits of the FLS lenders predict only a small up turn in transactions this year with a slight fall in 2014 as the Scheme is wound down. Will the patient be able to stand on their own two feet after next year? Hopefully, but don’t expect a return to rude health. At previous market peaks sales volumes in Wolverhampton were running atmore than twicetheir current level. A prolonged period of rehabilitation seems likely before we reach more normal levels of activity let alone the ability to race ahead!