Budget support from the IMLA

Posted: 23 Apr 2009 12:51:54 GMT

The budget is likely to create confidence in the market place, the Intermediary Mortgage Lenders Association (IMLA) has suggested.

Anticipating improvements in the marketplace, the IMLA added that the chancellor's decision to encourage new lending through mortgage backed securities will motivate both lenders and buyers, creating a situation in which the market potentially picks back up again.

Peter Williams, executive director of the IMLA, commented on Alistair Darling's budget report: "Together with the stamp duty measures announced, the ABS announcement and government agreements with individual banks to commit additional funds to the market - IMLA would hope to see some recovery in mortgage funding and the wider housing market."

Falling house prices have failed to lead to quicker sales in the marketplace this year, creating a double-whammy for homeowners as their house price deteriorates and they are left unable to sell their home.

The new measures then should encourage faster property sales, although selling a home online could also lead to a quicker sale.


© Houseladder Ltd