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The sub-prime mortgage market, which lends to people who cannot obtain a conventional loan due to bad credit or high levels of debt, has increased significantly during the past year, it has been claimed.
Figures from market analyst Datamonitor revealed that the sub-prime market rose 28 per cent during 2006 to reach £24.6 billion.
Additionally, the firm said that the market would continue expanding rapidly over the next five years, due to increasing consumer debt and a challenging financial environment.
"More consumers are unable to cope with meeting their financial commitments," said Maya Imberg, author of the report.
"With more defaulting or meeting payments late, more consumers will fall into the sub-prime population."
Datamonitor predicted that the market could grow by five per cent each year to be worth £31.5 billion by 2011.
The Financial Services Authority recently criticised the UK sub-prime mortgage sector for not taking enough measures to ensure borrowers could repay their loans.
