Many are still blaming easy loans for the problems in the UK housing market and it is clear that although it was certainly easy to get a loan over the past few years, paying it back is a lot more difficult for many consumers. The economic data on easy loans is not good and it appears as though there is a long road to recovery from these problems. Although banks have withdrawn most easy loans, in many cases, the damage has already been done.
Simon Rubinsohn, the Royal Institute of Chartered Surveyors’ (Rics) chief economist, said: “The latest numbers from the Bank of England demonstrate in the clearest possible way the consequences of the credit crunch for the residential property market.
“Unless the authorities take steps to restart the mortgage market, the likelihood is that there will be more bad news in store for the both the housing market and the retail sector during the latter part of the year.”
“The Bank of England data graphically highlight that housing market activity continues to be throttled by stretched affordability and tight lending conditions,” commented Howard Archer, chief economist at analysts Global Insight.
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