Housing And Mortgage Loan Markets Waiting For Outcome Of Crosby Report
Anybody who is working in the housing or home loan markets will be quick to let you know how difficult times are for them at the moment.
Whether it is an estate agent, mortgage loan broker, builder or surveyor, business is quiet as the market continues to stagnate, following the effects of the credit crunch.
A recent report from the Royal Institute of Chartered Surveyors (RICS) has stated that house sale and home loan activity is now at its lowest level since their records began, thirty years ago and house sales are so slow, that there have been cases where estate agents have only been managing to sell one house per week over a three month period.
The industry in general is now almost holding its breath in anticipation of the conclusions and recommendations from the report by Sir James Crosby into the housing and home loan market dilemma, which is due to be presented to the Government at the end of this month.
It is hoped that the report will recommend measures to give a boost to the mortgage and home loan industry, which in turn should hopefully revitalise the housing market and restore some level of confidence in the market for potential buyers.
Jeremy Leaf from RICS said “A lack of mortgage liquidity is the key issue which is keeping the housing market from showing any real sign of recovery. While money is scarce, many will continue to be denied the next step on the housing ladder.”
Michael Coogan of the Council of Mortgage Lenders (CML) said “Restoring the flow of funding to the market is crucial to helping the housing market recovery and we look forward to the findings of the Crosby review at the end of the month.”
