Assetz: Government should force banks to lend
With Assetz calling on the government to improve bank lending to homebuyers, the case for owners staying put and improving their current property may have been strengthened.
Some Brits may look at the inhospitable market as the perfect chance to consolidate and enhance their house with improvements such as bespoke conservatories or pool houses.
A recent Daily Mail article noted that banks were paying 1.4 per cent to borrow money, but typically charging 3.7 per cent to their customers.
Assetz chief executive Stuart Law noted that he felt this to be excessive, especially considering that a number of lenders are now part-owned by the government.
"Their majority shareholders - the government - should admit that actually, they are happy with the banks making a big profit, because that will bring back the taxpayers money that was used to prop up the banks and they will make a good return on it," he said.
Mr Law said that if the government does not admit this, then it should force the banks to improve the terms under which they lend to taxpayers, who are effectively shareholders in the first place.
Posted by Paul Steel
How to save money in the home
Brits paying for a bespoke conservatory, pool house or garden studio may be keen to cut back on their monthly bills to help finance the improvements. However, it has been claimed that investing in another upgrade could be a good way...
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