The availability of affordable housing in London and other parts of the UK should be improved.This is one of the suggestions made by PricedOut, the national campaign aimed at getting more people into the property market.
Matt Griffith, spokesman for the organisation, explained that the government's first time property buyer summit hosted by Grant Shapps focused on the wrong solutions.
These included "pushing banks to lend more or extending the availability of more risky mortgage or housing products", as "is it hard to see how a problem caused by loose lending will be solved by more loose lending".
Instead: "Rather than trying to prop up prices it would be better to let them fall and improve affordability in the simplest way. Lower house prices are the best way to help first time buyers," Mr Griffith argued.
His remarks come after the Council of Mortgage Lenders predicted that gross lending this year will, at £135 billion, be significantly less that the £360 billion worth of lending seen at the height of the pre-crunch housing market.
London House Price News
Monday, 21 February 2011
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