Peter Rollings commenting on the CML mortgage lending figures
Thu 19 Mar 2009
The buyer profile is changing dramatically because of the mortgage drought instead of the usual family moves, were seeing a lot of investment in the property market in London. Once upon a time the percentage of moves by families and other prospective property owners with a mortgage made up the majority of the market at least 75%- now its down to around 25%. From the start of the year weve been seeing cash rich buyers with a surplus of savings who can see the value there is in the London market at the moment. In fact, competition for the best buys is rife weve conducted 17 best and final offers so far this year.
But this is an unsustainable situation for the UK the government must use its now substantial influence on the banks to push them to lend more, and to people with lower deposits. Im not talking 100% mortgages, but seeing some affordable 85% deals come back onto the market would undoubtedly help people get their foot on the property ladder and help to boost the property sector, and wider economy.
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