Sep 10
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Report Warns of a House Price Crash
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Published on Mortgage Rates
By Mark Johnston, Saturday, 18th September 2010
By Mark Johnston, Saturday, 18th September 2010
The Bank of England has released figures that show a large drop in mortgage lending. The figures reveal that net lending has plummeted from %18 million in June to just £86 million in July. Net lending is the totally UK mortgage market with repayments and redemptions taken out.
The shock figures are one of the lowest figures since the UK central Bank started to record figures back in 1993. Analysts are now warning of a further slump as banks and building societies tighten their lending criteria amidst pressure from Government to sure up their balance sheets and protect themselves from the type of risk that saw many financial institutions failing during and after the recent crisis.
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