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UK Mortgage Outlook 2008-9: A Turbulent Year
Datamonitor, Aug 2009, Pages: 72
The UK Mortgage Market saw unprecedented change in 2008 and early 2009, from collapsed wholesale funding markets, to the nationalization of some of the countrys biggest lenders. With many homeowners now struggling to keep up repayments, house prices at record lows and lending criteria still very strict, the market is set to tread a long and winding path before it returns to normal.
Scope
- Provides an overview of macroeconomic and other events affecting the mortgage market in 2008 and 2009
- Analyzes in detail the impact of factors such as low base rates, falling house prices, and rising numbers of arrears and repossessions
- Sets out forecasts for gross lending covering the period 2010-2013
Highlights of this title
2008 saw the onset of a severe recession and the culmination of the credit crunch. This led to a severe and sustained fall in the availability of credit for secured lending throughout the year. Together with a fall in demand prompted by fears of rising unemployment, this caused gross lending to fall by nearly 30% to about £260 billion.
First time buyers have been hard hit by the massive reduction in high LTV mortgages in 2008 and early 2009, the supply of which has been badly affected by the credit crunch. The few deals that are still available at the 90%+ LTV level are being priced at much more costly rates than deals at lower LTVs.
The low base rate environment has had a major impact on both consumers’ and providers’ behavior. Tracker mortgages rose markedly in popularity in late 2008 and early 2009, as borrowers sought to take advantage of a falling base rate.
Key reasons to purchase this title
- Understand the key issues facing the mortgage market that lenders need to address
- View details of The forecasts to help plan your future strategies
- Access relevant findings from Datamonitor’s Global FS Consumer Insight and Retail Banking surveys
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UK Buy-to-let Mortgages 2008
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