31 Mar

Do more to boost mortgages, government urged

Do more to boost mortgages, government urged

The government should do more to help increase mortgage lending in the months ahead, the Royal Institution of Chartered Surveyors (RICS) has argued.

Commenting on yesterday's Bank of England figures for February showing an increase in home loans, RICS chief economist Simon Rubinsohn suggested that this was a result of lower house prices and interest rate cuts.

He added: "It is likely that the numbers of mortgages being approved will continue to edge upwards over the coming months," but commented that with lending levels historically low the government should still take further action to bolster the market.

Discussing the latest mortgage market trends, press officer at the Council of Mortgage Lenders Sarah Robson said there should be caution before anyone declares the market to have recovered.

She stated: "We would want to see an increase over several months before we start talking about any turnaround."

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