Press Release Summary: The credit crunch has marked a sharp 20% fall in the UK mortgage market.
Press Release Body: London (Longdogfinance) August 20, 2008: The UK realty and mortgage market is expecting a shrink by nearly 20% this year as the credit crunch continues to take its toll on lenders. This is anticipated in the report published by market analyst Datamonitor. The report said that the outlook for the UK loan market was bleak, with the ongoing problems caused by the global credit crunch leading to fewer lenders operating, a shrinking number of loan products, higher prices and more consumers being refused credit.
The report predicts mortgage lending will fall by 19.3% during the year 2008, with total advances of £293.55bn made during the year. The figure is in the contrast zone compared to growth of 19.7% recorded during the year 2006 when the market was at a booming mood. The advances rose by a further 5.4% in 2007 to peak at £363.8bn.
Official lending figures from the Bank of England have been showing a steady decline in mortgage advances since the beginning of 2008 as the problems caused by the credit crunch is intensifying day by day. Simultaneously, tighter lending criteria by lenders have made it increasingly difficult for people with only small or no deposits to secure the required funds. However, there are signs that competition is slowly returning to the UK financial market, with a number of major lenders cutting their interest rates several times during the past few weeks.
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