Secured lending cools
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Secured lending in the UK is set to cool over the coming years, according to a market analyst report.
The Datamonitor research predicts that until the end of the decade gross advances will grow at a rate of 5.3 per cent per year compared to a growth of 50 per cent since the start of the millennium.The report also predicts that by 2009 gross advances will have reached a figure over £35 billion.
"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," explained the financial services analyst at Datamonitor, Maya Imberg.
Ms Imberg went on to say that datamonitor blieves that the slow down in the housing market is severely affecting the secured lending market, and will continue to do so.
Commenting on the state of the property market, Ms Imberg said: " This will cause secured lending to slow as consumers will not be able to earn as much equity in their homes as they used to. In addition, lower consumer confidence will also play a role"
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