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Viewing report
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UK Mortgage Market Outlook: Q2 2010
Datamonitor, Sep 2010, Pages: 28
The UK mortgage market remained subdued in the second quarter of 2010 as concerns about proposed austerity measures and a double dip in house prices remained prevalent. However, there have been some signs of competition returning to the market with lenders making moves to bring down their rates on certain products.
Features and benefits
- Considers the current macroeconomic environment and its impact on the UK mortgage market.
- Considers issues such as arrears and repossessions, and changes in banks' willingness to provide credit to households.
- Provides gross lending forecasts for the period 2010-2014.
Highlights
- After surprisingly robust growth in 2009, house prices have been flat so far in 2010. The slow rate of growth has led to concerns that the housing market may be on the brink of a double dip.
- The number of mortgages expected to be in arrears at the end of 2010 is significantly lower than the total for 2009. This has been aided by lenders showing more leniency in terms of forbearance.
- The FSA remains concerned about interest-only mortgages. It is looking to ensure that borrowers have a clear plan in place for repaying the capital that they borrow. There is a concern that in the past consumers taking out interest-only mortgages have done so without a 'genuine repayment vehicle in place.v
Your key questions answered
- Identify key factors that will drive the mortgage market over the next few years.
- Understand how conditions in the mortgage market have developed during the last quarter.
- Use market forecasts to help inform your future plans.
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