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Banks `should be encouraged to provide more mortgages`
12/03/2009
In order to improve the health of the UK`s property market, banks should be encouraged to lend more money in the form of mortgages, it has been claimed.
Commenting on the issue, Steve Turner, head of communications at the Home Builders Federation, said that providing more mortgages to consumers would lead to an increase in the number of new properties being constructed.
According to the expert, the government is in a "prime position" to address the availability of mortgages to consumers due to the influence it now has over banks.
He stated: "If we can get banks lending again and get some consumer confidence back then there is no doubt that there is demand for a significantly large number of houses to be delivered over the next few years."
Recently, the Institute for Fiscal Studies suggested that younger and richer households are benefiting more than older and poorer ones from reductions in mortgage repayments caused by the drops in the base rate of interest.
