16 Feb

'Constructive discussion' at first-time buyers summit

'Constructive discussion' at first-time buyers summit

A summit hosted by housing minister Grant Shapps could lead to more first-time buyers looking for houses for sale in 2011.

Discussions were "constructive" and lenders will work creatively to help people get onto the property ladder, according to the Council of Mortgage Lenders (CML).

The CML raised issues surrounding funding restraints in the mortgage market and the fluctuation of house prices.

Council director general Michael Coogan said: "There is no simple quick fix for a market that has changed fundamentally since the credit crunch.

"Creative approaches [can help] to turn market stability into market recovery."

Lenders need to work with the government and house building industry for "responsible innovation", he added.

The Building Societies Association (BSA) also attended the summit to discuss problems regarding house prices.

Paul Broadhead, the BSA's head of mortgage policy, said house prices were outstripping earnings growth, which made things difficult for first-time buyers.

However, the BSA said the meeting was the start of a process to re-examine and re-evaluate today's housing market, which could help first-time buyers purchase houses for sale in the near future.ADNFCR-1222-ID-800408913-ADNFCR

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