Interestingly, as per the data issued by the Bank of England here on Monday, the number of loan applications entertained by the lending authorities of UK, in last month is less then any of the record for the same month in the previous years. The above data quite clearly suggests that the UK economy is still in a bad shape, and will take some time to recover completely.
The above explanation also fits the UK's housing market which in recent times has seen the worst phase in the economic history of the country spanning over the period of twenty-five years. If everything goes at the present pace, chances are very thin that the UK's housing market will ever get over from this setback.
Going back to the reports again, the month of August recorded a rise in mortgage lending by the margin of only 143 million pounds, which also happens to be its lowest performance till date, starting from April, 1993.
Philips Shaw, chief economist at Investec, told, “ It's quite possible that given current market conditions that the stockpile of mortgages actually falls back given the continued strains created by the credit crunch.”
However for loan market, products like debt management plans seems to be the last hope. They are keeping their fingers crossed that these unique way to consolidate debts might help them in reviving the fortune of the whole market.
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