UK mortgage market has returned to the stage of profound crisis

24.12.2010 00:08
UK mortgage market has returned to the stage of profound crisis  UK mortgage lending market back into a deep crisis phase, being on the lowest since March 2009.

As reported by the British Bankers' Association (FAB), financial institutions are given in November, less than 30 thousand mortgages. This is the lowest in the last 20 months, ITAR-TASS.

November's loans were issued totaling $ 1.464 billion pounds compared with 1.719 billion in October.

According to Howard Archer - economics research firm IHS Global Insight, specializes in the forecasting of economic and financial crisis in the mortgage area will inevitably spread to the coming year.

"The data presented FAB indicate that the property market at the time of completion in 2010 remains in the doldrums, in which, as we expect he will continue to be a big part of 2011. Manifestation of activity in the housing market is mired in the consequences of the crisis and recession, the pressure which prices are likely to be kept at a low level ", - said Archer.

He believes that a decisive impact on the state of the mortgage market next year will have a number of proposals in the property market, the level of creditworthiness of banks, as well as the ability of the national economy and the British labor market through a period of austerity budget, to which recourse is now the ruling coalition Tories and the Liberal Democrats in order to reduce the size of the budget deficit.
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