NewsArticle-08-01-2009

Following today’s further 0.5% interest rate cut by the Bank of England, the Scottish home building industry’s representative body reiterated the fundamental action it says is required from UK Government to kick-start a recovery in the housing market.

Homes for Scotland’s Chief Executive Jonathan Fair (right) said:  

“Whilst today's announcement on interest rates is helpful in improving consumer confidence and affordability, the key to generating activity back into the market is the overall availability of mortgage finance.  We simply cannot wait until the Spring for action to be taken on the recommendations of Sir James Crosby.  

“This must happen NOW if jobs are to be protected, housing supply is to recover and the benefits are to be felt by the wider economy.”

Ends

Enquiries to:

Jennifer Kennedy, Homes for Scotland – 0131 455 8350 

Note to Editors:

Homes for Scotland represents the country’s home building industry which:

-  is the largest source of private investment in Scotland
-  is the largest user of the planning system in Scotland
-  in 2007 built 20,000 new homes, contributed £6bn to the economy and directly impacted the employment of 100,000 people