UK mortgage lending to increase by lowest amount in a decade amid high rates and sluggish housing market

  • 📰 i newspaper
  • ⏱ Reading Time:
  • 20 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 89%

Business News News

Business Business Latest News,Business Business Headlines

Lenders are struggling to attract business - and brokers say they may have to drop rates to do so

Lenders are struggling to attract business – and brokers say they may have to drop rates to do soMortgage loans are expected to rise just 1.5 per cent net in 2023 and two per cent net in 2024, which would represent the lowest growth over a two-year period in a decade, according to the EY ITEM Club Outlook for Financial Services.

But he added that the improvements were “small” and were not making a “significant” difference to affordability. Dan Cooper, UK head of banking and capital markets at EY, said: “The ‘higher for longer’ borrowing rates and ongoing cost-of-living pressures are continuing to have a very real impact on customers, and at the same time, banks are tightening their lending criteria.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 8. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business leaders send ‘unequivocal message’ to Robison demanding rates freezeThirty-five business organisations united in a letter to the Deputy First Minister as she draws up the Scottish Budget for 2024-25.
Source: LBC - 🏆 17. / 74 Read more »