Property market 'won't recover until banks start lending'
Banks should be encouraged to offer more mortgages at decent rates if the housing market is to recover, it has been suggested.
Home Builders Federation head of communications Steve Turner explained the industry needs to have people in a position to buy.
"The crux of the issue in terms of the housing market is getting banks lending again at sensible rates to people who want to buy homes," he said.
Mr Turner added the government is taking positive steps but it would be down to the lenders to decide when the market would recover.
With the industry still in decline, some may decide to stay put and improve their current home with a modification such as a conservatory or kitchen extension.
Recent figures from the Council of Mortgage lenders showed lending for residential purposes fell to an estimated £10.4 billion in April - a nine per cent drop on the previous month's statistics.
Brits 'to stay at home in 2009'
27 May 2009
Brits are likely to spend more quality time in the UK this year, as staycations become more popular, it has been suggested.Defaqto head of insight Brian Brown explained the credit crunch has limited people's ability to travel abroad...
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