Insurance News Archive

Mortgages 'must be freely available' for recovery

Written by Michael Brown

Without better mortgage deals being made freely available to those interested in a property purchase, the sector's recovery will not be forthcoming, it has been claimed.

Home Builders Federation head of communications Steve Turner asserted that the main priority for the UK's housing market is to ensure that lenders start doing their job and make financial assets more available to potential buyers across the country.

Sensible rates are the top priority, Mr Turner emphasised.

Luckily, things may be getting better in the near future, with the expert adding: "The government has got a range of measures in place which will hopefully see lenders start lending again in the next few months and we need to see them push through on that."

His views are substantiated by last week's mortgage lending survey carried out by the Council of Mortgage Lenders.

The organisation found that lending fell to £10.4 billion in April - a drop of nine per cent on the previous month and 60 per cent for the year, down from £26.1 billion in April 2008.

28 May 2009