A recent New Statesman article entitled ‘Crash: The housing crisis is just beginning’ contained the following alarming facts about a potential housing crash and the UK mortgage market:
– 250,000 UK households in negative equity
– 50% fall in net mortgage lending expected this year (£53bn)
– 12m mortgages outstanding in 2007
– 25% predicted average house-price drop during current crash
– 3,775 mortgage products available now
– 15,599 mortgage products available in July 2007
Source: New Statesman, 5th June 2008