New Growth in Loans Market

Loans in all shapes and sizes have seen a sharp rise growth in the market, with secured loans seeing the biggest growth over the last 5 years; it has left the other two, unsecured loans and remortgaging, lagging behind even though to be fair to them they have been pretty successful in the same period also, so it just goes to show how well the secured loans market has come in that time.

The market has grown at such a rate in those five years, that the speed of it has maybe taken many by surprise. And when you take a look at the figures in that time, you can see why the secured loans market looks to be in a very healthy state.

Check the figures out and you will see for yourself the level of which they have risen, go back to the year 2000 and the secured loans market was looking at a market value of £6.4 billion, put that up against the figures from 2004 and you will see what all the fuss is about, a figure of £32.6 billion has been recorded for last year.

This a growth rate of 50.2% in each of the years from 2000 to 2004 and it is looking to continue for the foreseeable future. This means because of the success of the last five years, secured loans now account for a total of 11.2% of the mortgage market and it now out pacing any other product in the mortgage market, with plenty to spare.

It’s not only the secured loans market that has seen it stick rise in the last five years, though not to the same extent, unsecured loans have had a fair bit of success over the same period, with an average growth rate of 8.6% every year from 2000 to 2004.

The most surprising aspect of this is that secured loans, was streets ahead of the remortgaging market and outstripped every year in that same period except in 2003.