15 Oct

Government mortgage pledge welcomed

Government mortgage pledge welcomed

The head of a new home building company has welcomed the government's insistence that more mortgage lending should follow its bailout of three banks this week.

Alan Cherry, the chairman of Countryside Properties, commented: "The government's requirement that the assistance should help the supply of home loans will help to bring about increased liquidity for homebuyers and will help to get housing markets moving again."

He said this was needed to kick-start the building of more new homes and added that the firm was interested to see how the government will ensure this extra lending comes about.

Yesterday the Council of Mortgage Lenders (CML) stated that the number of home loans in August this year was 63 per cent down on figures from 12 months before.

However, CML director general Michael Coogan predicted that the market will now start to recover as a result of the government's measures to help the financial sector.
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