29
Oct
NAEA RESPONSE TO FSA PROPOSALS
Following the publication of the Financial Services Authority
proposals for the major reforms in the UK mortgage market, National
Association of Estate Agents chief executive, Peter Bolton King,
said:
“Much of the extreme lending being done pre the credit
crunch, was clearly not sensible. However, with the market picking
up alongside a shortage of lending we need to be careful not to
deter consumers nor give banks an excuse not to lend money.
“We are unsure on how these new procedures will roll out,
yet in light of the demise of the stamp duty holiday and the
inevitable rise in VAT we must take a sensible interpretation of
these guidelines and find the right balance. If these guidelines
take us to the opposite end of the spectrum they could do untold
damage to the housing market, which is currently showing promising
signs of recovery.”