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CML: Increase in funding key to mortgage market
Posted: 12 Jan 2009 11:55:46 GMT
The Council of Mortgage Lenders (CML) has suggested that the housing market could continue to stagnate until an "increased flow of funding" is established.
With many homeowners struggling to find buyers for their properties, the UK housing market has ground almost to a halt.
However, CML head of member and external relations Sue Anderson, believes that the way to turn things around would be to give buyers more funding options rather than cutting interest payments.
"There's very little going on in terms of any off-balance sheet transfer of assets at the moment to support a flow of new lending in that sense," she said.
The low interest rate has led to a lack of incentive for people to save as there will be little return on the money.
While the increase in spending may help prop up inflation, the housing market has suffered as banks have less capital to spare to grant homebuyers mortgages.
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