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Secured market to expand - 19/10/2007

According to Datamonitor’s latest report the secured loan market will smash through the £10 billion by 2011.

The independent market analyst said the market will expand from £7.5 billion in gross advances in 2006 to £10.2 billion in 2011.

Datamonitors Financial Services analyst Maya Imberg, said the market would not be hit by turbulence in the US market in the long term.

She said: “The US sub-prime mortgage crisis and global credit crunch will affect the market in the short term.

“However the UK secured personal loans market continues to portray an encouraging future in the long term”

The report stated - New lending figures from the Finance & Leasing Association totaled £2.8 billion, up by 5.4% on the same time last year.

It also said lenders would become more conservative with their criteria and increase the cost of borrowing as a result of the credit squeeze.

There will be new entrants coming into the secured loan market to accommodate the strong demand from consumers.

Imberg added: “Some lenders will withdraw from the market for a short while before returning, thus affecting the market in the short term rather than the long term.”

~ Jon Haylock

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