Wednesday, Aug 20, 2008
The future looks bleak, according to Datamonitor’s latest forecast into the mortgage and consumer credit markets
mortgagestrategy: New lending to fall by almost 20% this year
Datamonitor predicts that new lending will contract in 2008 falling by 19.3% and 3.2%, to a total of £492.5bn, compared with £569.3bn in 2007. Karina Purang, financial services senior analyst at Datamonitor and author of the report warns: “In current uncertain market conditions, it’s neither good to be a lender nor a borrower.” Its reports shows after stagnating in 2005, the UK mortgage market increased by a staggering 26.1% to reach a new peak of £363.8bn in new business in 2007. However, 2008 saw the credit crunch taking its toll on the market. At the end of June 2008, gross lending amounted to just £149.5bn for the first six months of the year, a reduction of 18.9% over the £177.8bn realized in H1 2007.
Posted by jack c @ 04:01 PM (208 views) Add Comment
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