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 Slowing house price growth to calm home loans

 

Tuesday, September 20, 2005


A new report reveals that secured lending in the UK is set to calm over the next five years.

Falling house price inflation will discourage homeowners from taking out loans secured against the increased value of their homes, according to the report from market analyst, Datamonitor.

Often, loans secured against property have been used to fund home improvements or pay back credit card debt.

From 2005 to 2009 Datamonitor predicts gross advances to grow at an average of just 5.3 per cent a year, to reach £35.4 billion in 2009 compared to the growth of 50% a year over the last five years.

"As the UK's housing market slows to a soft landing, the rapid growth rates the secured lending market has enjoyed over the last five years are set to cool," Maya Imberg, the report's author said.

Datamonitor found that last year gross advances for secured personal loans and further advances amounted to £32.6 billion, up from £28.1 billion in 2003.

The analysts also predict that as more mainstream lenders become involved, smaller specialist lenders will find it more difficult to compete on equal terms.

 
 
     
     
 

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