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"Sensible lending" needs to be restored for home buying
20/04/2009
Banks need to resume "sensible lending" if the house buying market is to be restored to health.
This is according to Peter O`Connell, policy manager at the Federation of Master Builders, who said that obtaining an affordable mortgage is a distant prospect for many people.
He stated: "For the majority of young people and would-be first-time buyers, getting on the property ladder remains a far away dream. To bring about this dream a number of things need to happen."
Mr O`Connell argued that there needs to be an increase in the rate of house building, a return to realistic house pricing and a resumption of "sensible lending".
He added that all three measures will take time and the more time that elapses, the less cause there is to be optimistic.
Figures produced recently by the Royal Institution of Chartered Surveyors suggested that the number of new enquiries among potential property buyers increased in March for the fifth consecutive month, with 31 per cent more chartered surveyors reporting a rise than a fall in such enquiries.
