UK mortgage lending down

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If you are a homeowner who has been trying to sell house quick with no luck then you must be aware of lending situation that has developed over the last year or so.

Statistics from nation bodies such as the CML have reported that loans were down by almost two percent from April to May. Lending is sluggish and overall gross lending has been reduced by a huge 58% in comparison to May last year.

UK economists are reporting repossessions will have increased from 100,000 and 120,000 per year by 2011. To put this into perspective repossession levels in 2008 were only around 40,000.

The major factor cited is the unemployment rate rising, essentially home owners who have lost their jobs cannot afford payments any more.. With the Bank of England predicting to raise interest rates in the near future this can only increase the numbers of repossessions.

The almost complete collapse of big bank lending to the construction industry will also have significant impacts.
With mortgage lending down other economic and lending factors are directly affecting the new house building targets, some statistics are showing a massive 50% decline in the number of new houses built compared to 2008.

"Overall, things are still looking pretty gloomy for the UK housing market"

The current lower number of completions suggests the market is still sluggish, selling your property fast via traditional channels can be very difficult.

Overall, analysts predict no significant recovery until 2012. Where at the very least property prices should level out and allow mortgage lending to keep to a stable base.

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