Affordable housing 'may be driven by mortgage take-up'
The last year has been difficult for the housing industry, one sector commentator has asserted - and this has been due in part to a lack of competitive mortgage finance.
Steve Turner, head of communications at the Home Builders Federation, said the last year has been testing across the board and that the primary driver for this has been that people have not been able to secure a mortgage to allow them to climb up the property ladder.
"Until people can borrow money at competitive rates, you are not going to see a sustainable recovery because if people can't buy homes then developers aren't going to build them," he added.
Britons who have been unable to get a mortgage may find that flats to rent in Fulham or another part of London offer them an affordable home while they save for a deposit.
Meanwhile, according to figures from Rightmove, the cost of a property in Greater London now stands at an average of £427,987 - an increase of 10.3 per cent in the last year.
Written by Charles Mackay
Published 17th February, 2010
© 2010 Estates IT Limited
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