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(MoneyNewsWire.Net, February 13, 2018 ) While the market has recovered well since the financial crisis, often growing by a double-digit percentages year-on-year, rising economic uncertainties will dampen the prospects for future growth over the coming years. During 2017-21, gross advances are expected to record a CAGR of about 5.7%, reaching an estimated £327.0bn by the end of the forecast period.
On the supply side, an increased supply of new homes, stamp duty relief for first-time buyers, and tighter controls on buy-to-let lenders will improve matters for first-time buyers by reducing investor demand for properties. On the demand side, political uncertainty arising from the Brexit negotiations has dampened the economy's prospects. As real wages are shrinking,combined with the rapid growth in consumer credit and ensuing high levels of household debt, this will limit the capacity of consumers to take on significantly higher levels of mortgage debt.
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Key findings included in this report -
The impressive growth in buy-to-let lending as seen over the last few years has come to a sudden halt, and is unlikely to resume in the near future.
Equity release continues to enjoy much success, with lending showing significant year-on-year growth. Prospects for further growth are healthy, with several years' worth of property price rises leaving borrowers with plenty of capital value to unlock, while the cost of equity release products is falling.
Lending on shared ownership properties will see huge increases over the forecast period, largely off the back of the government's new Affordable Homes Programme. An estimated 135,000 shared ownership homes will be built under this scheme, thus fueling a boom in associated mortgage lending.
The report UK Mortgage Market 2017: Forecasts and Future Opportunities, offers five-year gross lending forecasts for residential and niche mortgages up to 2021, along with a detailed examination of the various demand- and supply-side factors that will determine the market outlook.
Companies mentioned in this report: Stafford Railway Building Society and Tipton & Coseley Building Society, Al Rayan Bank, Mortgagegym, NatWest, Secure Trust Bank, The Mortgage Lender, Foundation Home Loans, Vida Homeloans and Masthaven, Pepper Homeloans
Scope:
The impressive growth in buy-to-let lending as seen over the last few years has come to a sudden halt, and is unlikely to resume in the near future.
Equity release continues to enjoy much success, with lending showing significant year-on-year growth. Prospects for further growth are healthy, with several years' worth of property price rises leaving borrowers with plenty of capital value to unlock, while the cost of equity release products is falling.
Lending on shared ownership properties will see huge percentage increases over the forecast period, largely off the back of the government's new Affordable Homes Programme 2016-21. An estimated 135,000 shared ownership homes will be built under this scheme, thus fueling a boom in associated mortgage lending.
Reasons to Buy:
Develop more targeted strategies through the analysis of key mortgage market developments.
Inform your future plans with our five-year forecast of gross advances for niche product lines.
Analyze trends with details of historic gross advances across a range of specialist mortgage sectors and product types.
Benchmark yourself against competitors and ensure you remain competitive as new innovations begin to enter the market.
Be prepared for how regulation will impact the mortgage market over the next few years.
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