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Mortgage market madness until 2014

The mortgage market will stay tight for some years, and getting a mortgage won’t become easier until 2014, according to analyst Datamonitor.

While the market is relatively stable at present, lending has increased only very slightly in the past year and some doubt that it’ll ever get back to pre-crisis levels.

’It is now debatable whether this market will ever attain the heights it reached between 2005 and 2007,’ said Datamonitor analyst Daoud Fakhri.

‘The market has a long way to go as the initial feeling in 2010 was that gross lending would grow to around £150 billion, but instead it fell.

‘In total, between the height of the market in 2007 and 2010, gross lending fell by more than 60%.

’Consequently, we now predict that the market won't reach £150 billion until 2013 at the earliest, with significant growth in 2014 when we expect it to reach £170 billion.’

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