Housebuilder warns of mortgage famine

first_img whatsapp whatsapp Tags: NULL Thursday 4 November 2010 10:21 pm Show Comments ▼ NUMBERS of house sales will continue to drop even lower and the UK is at risk of a “mortgage famine” unless the government acts to boost the market by helping buyers to take out loans, said the housebuilder Redrow yesterday as it announced its third quarter results.“Deliberately suppressing housing demand at the very time that the country has a chronic housing shortage is laying the foundations for the next boom/bust cycle,” said the firm’s chairman Steve Morgan. “The way to end the cycle of boom and bust is to increase the supply of new homes to meet the demand by freeing up the supply of affordable mortgages. The regulators are going too far and the medicine risks killing the patient.” Despite the gloomy outlook about the industry, Redrow announced that private home sales in the financial year to date were nine per cent up on the same period last year at £133m and that the average house price went up 16 per cent to £174,000, which reflected the company’s launch of its Heritage Collection, estates of 1920s Arts and Crafts-style family homes that it has built around the country. Its shares closed up 2.9p at 112p on the news.Redrow said that although the economic climate has obviously affected the demand for houses the underlying demand remains strong. Morgan said that the firm was having to turn away potential purchasers who were not able to raise the deposit of 25 per cent or more. Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrapcenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm Housebuilder warns of mortgage famine Share KCS-content last_img

Leave a Reply

Your email address will not be published. Required fields are marked *