Peter Rollings commenting on this morning's CML gross lending figures
"The ongoing drought in mortgage finance is restricting buyers who are straining at the leash to take advantage of competitive prices in the property market. But only those with large deposits (20%+) have a chance as things stand. The time has come for the government to crank up the pressure on lenders to increase funding for eligible home buyers and give a welcome boost to the property sector. In London, there’s no shortage of good quality buyers and, with such a severe lack of properties for sale, competition is fierce and therefore reflected in rising asking prices. The choke on credit is felt particularly by first time buyers in the capital – unless more assistance comes their way, they are in real danger of missing the boat while prices are more affordable."
-ENDS -
For further information please contact:
The Wriglesworth Consultancy, James Staunton / Tom Urpeth, 0207 427 1400
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