From the TUC

Mortgages are still too hard to get

08 Apr 2011, by in Society & Welfare

New monthly figures published by the Council of Mortgage Lenders today show loans recovering slightly after a disastrous January. However, the number of loans granted for house purchases and remortgages were both down by 12% compared to February 2010.

The Government simply has to bear down on the banks to start making more mortgage finance available, otherwise the housing market will remain at a standstill, and ordinary working people will continue to be squeezed out.

2 Responses to Mortgages are still too hard to get

  1. theoldpolitics
    Apr 8th 2011, 2:30 pm

    Demand is probably not much higher than supply – figures suggest that most people recognise that buying a house right not is not a very sensible idea. Prices are still too high, and the risks of negative equity are much more acute when many can justifiably worry that they could be combined with periods of unemployment.

    Encouraging people to take on huge debts in this climate, just as interest rates start to rise again, is the last thing Government should be doing. They should focus bank lending on productive business and house building, ensuring people keep their jobs, that new jobs are created, and that house prices fall gently, rather than trying to stoke the bubble up.

    Most ordinary working people who don’t already own a home are already “squeezed out” at current prices across vast chunks of the country, whatever the availability of mortgages. Rather than perpetuating that, the Government would do well to focus on ensuring a better deal for private renters, and a renewed push to build affordable rented properties.

    Well, I can dream.

  2. The Squeeze
    Apr 10th 2011, 10:47 am

    The house price bubble is why Britain is completely screwed you muppet.