The battered UK lending market will reach new depths with lending to contract a further 19.3 per cent in 2008, according to market analyst Datamonitor.
According to Datamonitor, the ongoing credit crunch, falling house prices, rising arrears and indebted consumers struggling to find credit will all see conditions deteriorate further.
Gross lending is forecast to reach just £293.6 billion in 2008.
“In current uncertain market conditions, it’s neither good to be a lender nor a borrower,” said Karina Purang, financial services senior analyst with Datamonitor.
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