16 Sep

'There is demand' for properties

'There is demand' for properties

There is demand for houses, despite claims to the contrary from estate agents, according to one property expert.

Paul Holmes, chief executive at mortgage brokers Firstrung, which specialises in highlighting financial and buying solutions from traditional sources, said that banks are not lending as much and that at the property-buying peak of three years ago, there were 120,000 properties sold.

His comments come amid claims that lenders are treating consumers unfairly, following the release of a statement from the Council of Mortgage Lenders, which suggested that comparing the Bank of England base rate directly to mortgage rates was "utterly misleading".

"The banks aren't stupid and neither are the governments that back them -tthey know that a return to [the previous property market situation] so early on would be an absolute disaster," stated Mr Holmes.

In related news, Countrywide reported yesterday that their most popular mortgage product over the last three months stood at 6.49 per cent.
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