Carpetright Pessimistic About 2011

London, England, Dec. 14 -- Carpetright said the outlook for next year looked bleak as sluggish mortgage approvals meant housing market activity was unlikely to pick up any time soon.

British mortgage approvals, which are key lead indicator for Carpetright, fell to 30,766 in October, their lowest monthly level in more than 18 months.

"The availability of mortgages, particularly for first time buyers, is significantly different from what it was three years ago," Carpetright finance director Neil Page said.

But he noted that Carpetright, Britain's biggest floor coverings retailer, which runs 584 stores in the UK and Ireland and 118 in The Netherlands and Belgium, was continuing to win market share from smaller rivals.