Insight Report: Mortgage Market Trends in the US, UK, Ireland and Australia

(EstateNewsWire.com, September 14, 2015 )
Portland, OR -- The subprime mortgage crisis of 2008 severely impacted numerous world economies. Reckless lending practices by banks and rising house prices led to an increasing number of foreclosures in mortgage markets around the world. While economies such as the US and UK have shown signs of improvement in the overall mortgage market, Ireland has recorded a negative trend in the mortgage market as its economy continues to struggle. Australia, on the other hand, remained resilient and was less impacted by the crisis, supported by strong banking and consumer protection regulations in the country.

GDP growth, increased consumer spending and falling unemployment have also contributed to the mortgage markets recovery. In terms of outstanding mortgages value, the overall US mortgage market reached US$13.2 trillion in 2013, with annual growth recovering from -4.4% in 2009 to just -0.08% in 2013. Delinquencies and foreclosures in the mortgage market have improved since 2009: delinquencies improved from 4.6% in 2009 to 2.4% in 2013, while the number of foreclosures fell from 3.5 million to 1.7 million. The improved housing market and enforcement of stringent regulatory measures are expected to result in positive growth in the overall mortgage market over 2014-2018.

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The UK mortgage market is showing signs of improvement, but downside risks emanating from the European sovereign debt crisis remain a key concern. The UKs economy is showing signs of improvement, although growth remains sluggish. Nevertheless, positive economic growth and the implementation of strict regulations are helping to curb the effects of the global financial crisis. The value of outstanding mortgages in 2013 was at around US$1.98 trillion. There has been substantial growth in the number of mortgages lent over the years, following the European debt crisis. The introduction of new mortgages is made available for the Muslim population of the country. First time buyer and buy-to-let are the most preferred mortgages among borrowers in the UK market. Improvements in the job market among the young population increased demand for first-time-buyer mortgages.

Summary
• This report highlights the key trends arising in the mortgage markets after the strict enforcement of regulation following the subprime mortgage crisis in the US, UK, Ireland and Australia.
• The report gives an insight into preferred mortgage products offered by the banks in these countries, and the fluctuations in interest rates and economic factors affecting consumers choices of mortgage products.
• The report also discusses the key drivers, issues and challenges faced by retail banks while offering mortgage products in these countries.

Reasons To Buy
• Gain insights into the mortgage markets of the US, UK, Ireland and Australia.
• Gain an understanding of the amendments brought about in the mortgage lending market following the financial crisis in these countries.
• Gain insights into competitive analysis of the four countries based on market size, strategies adopted to improve the mortgage products, and company profiles and product portfolios in these four countries.
• Gain insights about the key operational and regulatory trends in the mortgage market of these countries as a result of economic factors.

Key highlights
• Mortgage markets have displayed differing trends since the financial crisis. While the US, UK and Ireland were badly affected by the subprime crisis, Australia maintained stability, supported by strong banking regulations.
• In terms of outstanding mortgages value, the overall US mortgage market reached US$13.2 trillion in 2013, with annual growth recovering from -4.4% in 2009 to just -0.08% in 2013. The US was at the forefront of the subprime crisis, and implemented a number of regulatory measures to ensure responsible lending practices. The implementation of strict regulations and the Federal Reserves economic stimulus package led to a positive trend in the US mortgage market.
• The value of outstanding mortgages in 2013 was at around US$1.98 trillion. There has been substantial growth in the number of mortgages lent over the years, following the European debt crisis.
• Ireland is still recovering from the European debt crisis, recording negative trends in its overall mortgage market. Ireland has the second-largest credit bubble after the US, with the value of outstanding mortgages higher than the countrys GDP.
• The Basel II framework in the Australian banking system protected it from the worst of the financial crisis in 2008. The timely implementation of policies and consumer-protection guidelines proved to be of great benefit for the market, and the number of mortgages undertaken grew as both unemployment and interest rates fell.

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