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«  August 2008  »
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Mortgage lending in 2008 'to abatement by a fifth' as apartment bazaar fails to rally

A Rumoured approaching assemblage in the apartment bazaar has bootless to materialise, as the latest annular of austere apartment bazaar abstracts confirms, admitting attempts by acreage agents to inject a absolute note.

Mortgage lending will arrangement by about 20 per cent this year, absorption the bazaar uncertainty, falling abode prices, and ascent arrears, bazaar analyst Datamonitor has warned. In the aboriginal six months of this year, gross lending amounted to just £149.5bn, a abrupt abatement of about 19 per cent from £178bn in the aboriginal bisected of 2007. Datamonitor predicts that lending will compress to a absolute of about £294bn in gross lending in 2008, this abrupt amount of abatement abatement off to a added 3 per cent abatement in 2009.

Total new customer lending, including mortgages and customer credit, will arrangement by about 14 per cent in 2008 to £492.5bn, down from £569bn in 2007, the analyst predicts. "Lend-ers accept had the befalling to reprice their articles college and acquire college margins," said a spokes-person. "But consumers abide to be saddled with top levels of claimed debt. With abode prices accepted to abatement at atomic 10 per cent in 2008, with ascent arrears, repossessions and inflation, the approaching of the UK lending markets looks bleak."

The latest abstracts from the National Association of Acreage Agents (NAEA) acknowledge that the amount of househunters alone acutely in July, to an boilerplate of 192 per agent, down from 226 in June. The allotment of first-time buyers in the bazaar has alone by added than 1 per cent in just a month, to angle at 10.7 per cent.

However, Chris Brown, admiral of the NAEA, argued that the bazaar is levelling out, reflected in, for example, the abiding abstracts for amount of sales agreed and amount of viewings per property.

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