"Computer says no" attitude may make flats to rent in London more attractive
property to rent in London may become in greater demand after it was suggested that a tightening of conditions in the wholesale money markets was the reason for lenders themselves being less free and easy with the supply of credit.
Ray Boulger of broker John Charcol responded to the Bank of England's Credit Conditions Survey for the second quarter of 2010.
He said that too many lenders had a "computer says no" policy when addressing potential customer's requirements, although he expected a modest fall in the amount of home loans being made available.
Earlier this year, the director of external affairs at the Federation of Master Builders Brian Berry argued that the government needed to do more to assist with increasing the availability of mortgage finance and said that inaction might hurt the construction sector.
With suggestions lenders are to make more money available to prospective clients than they currently are, perhaps more people will consider looking for property to rent in the London borough of Wandsworth or elsewhere in the country.
By Chris Price
Published 5th July, 2010
© 2010 Estates IT Limited
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More people may be encouraged to look for property to rent in the London borough of Wandsworth or elsewhere in the country after a mortgage expert suggested that there are a number of lenders operating a "computer says no" approach to handing out finance for buyers.