Bank Cuts Loans As Property Prices Predicted to Fall
Posted: 14th March 2011
Following hard upon the Institute of Chartered Accountants’ report that construction sector business confidence has ‘collapsed’ comes the news that Lloyds Banking Group has cut its property loan book by more than £5.bn in 2010. The bank is reported to have predicted property values to fall by 2 per cent in 2011 and the rebound by 3 per cent in 2012. The Group continues to remain cautious regarding the short to medium term prospects for the sector.
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