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Consolidation In Mortgage Market |
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(18th August 2008)
High street banks are responsible for the majority of mortgage lending as the market contracts and faltering lenders begin to lose customers, according to the Guardian.
Barclays, Lloyds TSB, Abbey and the Royal Bank of Scotland now account for more than two-thirds of total lending in the UK, the paper reports.
Research by the Guardian shows that the fall of Northern Rock is closely linked to the rise of other high street banks as they take up the slack in the shrinking mortgage market.
Northern Rock announced its net lending was worth -£13.3 billion in the first-half of the year as customers continued to jump ship from the nationalised lender.
According to the Independent, gross lending has fallen by more than a third since the beginning of the year keeping many first-time buyers off the first-rung of the property ladder.
The Royal Institute of Chartered Surveyors' chief economist Simon Rubinsohn told the paper: "Loans for house purchases remain subdued, with first-time buyers under particular pressure."
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