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NewsArticle-16-06-2010

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Speculation on Chancellor's Mansion House speech

Responding to speculation ahead of this evening’s Mansion House speech by Chancellor George Osborne that the Bank of England could receive powers to restrict lending, including the loan to value ratios offered to mortgage customers, Chief Executive of home building industry body Homes for Scotland Jonathan Fair (right) said:

“Clearly home ownership should be viewed as a sustainable, long-term commitment by those looking to get onto and progress up the property ladder.  However, the issue of appropriate loan to value ratios and real affordability are wholly dependent on the particular circumstances of the individuals concerned.  With today’s mortgage market a world away from that of two years ago, blunt instruments and arbitrary caps will not provide a balanced long-term solution but serve only to thwart recovery in the housing market in particular and the economy in general.”

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