SELL YOUR HOME QUICKLYGovernment slated for inaction on property crunch
The mortgage industry has slated Chancellor Alistair Darling and the government for misconstruing the crisis facing the house buyers market, and for not taking action to improve the situation.
In his 2008 Budget Speech, Darling highlighted the lack of liquidity in the wholesale markets which fund many mortgage loans, and the shortage of available fixed-rate mortgages. But rather than coming up with a solution for house buyers, he offered only vague statements about a ‘working group’ that would be established to examine possible 'market-led initiatives to help improve the mortgage-backed securities market'.
Many believe that while there might be long-term benefits, the housing and mortgage markets are facing many pressing issues that are simply not being addressed.
No kitemarking on the cards
Government has meanwhile decided that it won't try to force through a 'gold standard' kitemarking system for mortgage security, which might have threatened the availability of mortgages for first-time house buyers or buy-to-let customers.
Mortgage lenders have also voiced their outrage about the announcement that government might be initiating a 'legislative framework' to deliver 25-year fixed-rate mortgages. According to industry specialists, house buyers tend to shop around for cheaper short-term deals, rather than expensive mortgages that penalise them when they want to switch to a better offer.
Meanwhile, the credit crunch continues to upset the British housing market, with sentiment tumbling to an 18-year low and the number of new mortgages also hitting lows.
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