Mortgage Lending To Be Off 30% In The UK
In Britain, Nationwide has announced it expects much lower lending in the coming year. "Britain’s biggest building society has predicted that total mortgage lending would slump 30 per cent this year, from £100 billion to £70 billion, as the housing market slows."
"Philip Williamson said yesterday that the downward trend in house prices would have a knock-on effect in the mortgage market as homeowners became less likely to release equity from their homes. Prices would remain flat for two years."