NAEA: Mortgage proposals must find right balance

Posted: 20 Oct 2009 12:36:42 GMT

The Financial Services Authority (FSA) must find the right balance with its mortgage proposals, according to the professional body for estate agents in the UK.

National Association of Estate Agents (NAEA) chief executive Peter Bolton King said that it is vital any changes do not affect the "promising signs of recovery" the market is currently witnessing.

"Much of the extreme lending being done pre the credit crunch was clearly not sensible," he stated, before suggesting that the industry needs to be careful that it does not put off potential property buyers or "give banks an excuse not to lend money".

Major reforms and regulation of the mortgage market were proposed in the FSA paper published this week.

The National Landlords Association responded to the organisation's announcement by saying that the cost of buy-to-let regulation must not be passed on to landlords, although it called the paper "a logical approach" to reforming the current system.


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