14 Oct

RICS hopeful over mortgage lending

RICS hopeful over mortgage lending

The Royal Institution of Chartered Surveyors (RICS) has said it believes there is a good chance that the £37 billion banking bailout announced yesterday will help improve the availability of mortgage finance.

Figures from the body for September showed a further drop in transactions to less than one per surveyor per week, something RICS attributed to a lack of mortgage finance.

However, said spokesman Jeremy Leaf, all this could be about to change.

He stated that the plans by the government to prompt the banks it is helping to lend more "raises the possibility that the lack of mortgage finance that has so damaged the housing market might be eased".

RICS was able to report good news on the new buyer enquiries front, with the total of these at its highest level for 16 months.

Yesterday the Council of Mortgage Lenders (CML) had questioned the apparent statement by the Treasury that it was looking to restore mortgage lending to 2007 levels, arguing this may not be "prudent or desirable", but later said it had received clarification that any rise would be in line with CML expectations.

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