"Modest" house building figures down to mortgage shortages
People who are considering whether to look for property to rent in the London borough of Ealing or elsewhere in the country may be interested in the news that mortgage unavailability is impacting on house-building in the UK.
That is the opinion of Simon Rubinsohn, chief economist of the Royal Institution of Chartered Surveyors, who commented on the latest house building data from the Communities and Local Government department.
He said that a lack of mortgage availability to first-time buyers combined with developers not having enough funds were the key factors to overcome before the residential construction industry could make significant gains.
This follows the Federation of Master Builders which recently said that the shortage of home loans offered to house hunters was having an impact.
News of a potential lack of knock-on affect for the construction industry from a lack of mortgage availability to first-time buyers might encourage more people to consider looking for property to rent in the London borough of Ealing or elsewhere in the country.
By Ben Carter
Published 24th May, 2010
© 2010 Estates IT Limited
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