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Rics: More Needs To Be Done To Tackle Property Problems |
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(2nd July 2008)
A senior economist at the Royal Institute of Chartered Surveyors Rics has called for more to be done to tackle the problems currently faced by the property market, people looking for the best mortgage rates may be interested to know.
Speaking to BBC Radio 4's PM programme, David Stubbs said that the recent figures from the Bank of England showing that mortgage approvals fell by 28 per cent in May were "pretty dire".
Mr Stubbs argued that the mortgage market is "not functioning as it should" and that buyer confidence is currently "very, very weak".
"Unless we deal with the forces that are preventing mortgage lending from returning to normal then we are not going to get a housing market that stabilises," he remarked.
According to the Bank, the number of mortgage approvals in May was the lowest since it started monitoring them in 1993.
Mr Stubbs said he expected property prices to fall if the downturn in the number of mortgage approvals continues
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