An industry expert has suggested that the downturn in the housing market in the last 12 months has, in part, been caused by a lack of competitive mortgages .
Steve Turner, the Home Builders Federation's head of communications, explained that 2009 had been difficult because Britons were unable to secure a mortgage that allowed them to climb up the property ladder.
He said: "Until people can borrow money at competitive rates, you are not going to see a sustainable recovery because if people can't buy homes then developers aren't going to build them."
In addition, Mr Turner stated that a continuation of public spending was important to maintain recovery in the housing market.
Meanwhile, the Financial Services Authority was recently urged not to restrict activity in the property sector through its Mortgage Market Review.
The Association of Mortgage Intermediaries (AMI) expressed concern that moves to put more controls onto loan-to-value or loan-to-income deals could have a negative impact.
Mortgage availability could be catalyst for recovery, says expert
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Mortgage availability could be catalyst for recovery, says expert
Thu, 18 Feb 2010
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