Mortgage finance 'important to recovery'
24/12/2008
The availability of finance is important to the recovery of the property market in 2009, it has been stated.
Whether the sector recovers in the New Year depends on liquidity - the amount of mortgages that are on offer - according to Chesterton Humberts chief executive officer Robert Bartlett.
He called upon the government to use resources such as nationalised lender Northern Rock to free up the flow of loans being approved for first-time buyers.
"Potential buyers are now out in far greater numbers than in previous months, believing we are very close to the bottom of the market," he claimed, adding that the worst of the decline is over.
And he predicted that the lettings market will remain "buoyant", saying that home seekers will stay in rented houses until they can buy a property of their own.
In related news, Royal Bank of Scotland and NatWest have both unveiled discounts on fixed-rate mortgages of up to 0.4 per cent.
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