Date:Tuesday 14th December 2010
Author: Max Freedman
More mortgage lending needs to take place in the UK if the country’s housing market is going to improve, according to an industry commentator from FirstRungNow.com.
Helen Adams, managing director of the website, claimed that this is one of the most important factors in the recovery of the sector.
However, she stressed that house values are another obstacle, adding: “Lower prices are a necessity. There are those that still consider that properties in the UK are still overpriced.”
She noted that improvement in the UK housing market looks unlikely without significant changes in these two areas.
Her remarks regarding the state of the sector were made in response to research by Rightmove indicating that asking prices are likely to continue to fall in 2011.
The company predicted the national average reduction will be five per cent during the year, after seeing such figures drop in five of the past six months.