Mortgage market set to decline in 2008
The vast majority of professional mortgage brokers feel the residential market will go downhill in 2008, it has emerged.
With Nationwide's latest house price survey confirming that house prices continue to fall, independent risk consulting company Protiviti commissioned a study into the state of the home mortgage market.
It found that 85 per cent of brokers believe the credit crunch has all but crippled the market, making it difficult for many prospective homeowners - especially first-time buyers who are perceived as being high-risk - to get onto the market.
A further four out of ten mortgage brokers feel that the level of liquidity in the market will fail to pick up throughout the year, meaning they believe there is no end in sight to the money market woes that have afflicted residential property.
Andrew Clinton, managing director of Protiviti's Financial Services Industry practice, further cautioned that some financial institutions were moving too slowly to weed out potentially risky borrowers.
"Banks and building societies are not, surprisingly, reviewing their lending criteria and overhauling their risk management programmes in the light of the current market and economic situation," he commented.
Published 1st April, 2008
© 2008 Estates IT Limited
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The vast majority of professional mortgage brokers feel the residential market will go downhill in 2008, it has emerged.