Mortgage lenders urged to help get market moving

News Category: Management

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Financial analysts have called on mortgage lenders to step up their lending in order to stimulate the housing market.

According to Moneyextra.com, first-time buyers in particular are struggling to gain access to mortgage loans.

This, it said, is leading a depression in the housing market, although the website added this means there are "bargains to be had" for cash-ready buyers, such as buy-to-let landlords with rent management software.

Richard Mason, a mortgage expert at Moneyextra, commented: "We need to see some movement here in order to get the housing market moving again."

He warned that if property buyers are not able to gain access to a selection of competitive mortgage deals, the market will become even more stagnant.

This comes after Abbey Mortgages revealed that affordability problems are prompting a growing number of 18 to 34-year-olds to live at home with their parents.

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