Peter Rollings, CEO of estate agent Marsh & Parsons commenting on the BBA lending figures
Wed 27 Apr 2011
"Marchs figures were a step in the direction, but mortgage lending is still a long way from where it needs to be. No-one wants to see a return of the irresponsible lending practices seen pre-Crunch, but lenders must do more to help those looking to purchase their first home. The average 25,000 deposit required is prohibitive for thousands of would-be buyers across the UK and is an even more acute problem for Londons first-timers, where the standard deposit needed is double the national average. Such large requirements are impeding a concerted recovery in the nationwide housing market. Nevertheless, despite the ongoing squeeze on lending, the market in London remains robust and demand from buyers is stronger than ever. Over 13 buyers are registering for every property placed on the market in central London, with both international and domestic cash buyers particularly active. However, we wont see anywhere like this level of demand and activity in other parts of the UK until frustrated first-time buyers can access the level of funding they require."