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UK mortgage market worst in 30 years, warns expert

April 26, 2008 by admin  
Filed under News, News-Mortgages

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British home buyers are facing the toughest conditions in the mortgage market the country has seen for 30 years, the UK’s largest house builder, Persimmon, has warned.

Persimmon’s sales for this year have dropped by 24 per cent as a result of a sharp fall in the number of mortgages being taken out, according to the company.

Concerns over the have led Chancellor Alistair Darling to hold meetings with the Bank of England in an effort to find a solution to the growing problems caused by the credit crunch.

Earlier this week, Mr Darling revealed plans to inject £50 billion into Britain’s banking industry to stimulate lending again.

Unable to sell its current supply of houses, Persimmon has announced it will postpone opening new sites until the mortgage market starts to recover.

Merrill Lynch has predicted that house prices will fall by 5 per cent in 2008 and 2009.

Tags: Merrill, house, council of mortgage lenders, uk, mortgage market, Mortgages, property market, Darling revealed plans

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