We’re angry with the banks because they won’t lend

if the UK is to pull out of the property slump according to the National Association of Estate Agents (NAEA).

Almost a quarter of people – 22.5 per cent – said that they couldn’t find a mortgage that they qualified for anywhere in the market. And 56 per cent believed that a combination of relaxed restrictions and lower deposit requirements would increase the chance of them buying a property.

 Peter Bolton King, chief executive of the NAEA, warned that banks risked stifling the market’s recovery and that the Government should pressure them into lending.
 He said: “We cannot let the banks convince us that shutting up shop when it comes to mortgage lending is a responsible move. The decision to restrict mortgages so severely is rooted in self interest. The Government must do more to put pressure on those banks that are refusing to lend, while highlighting those banks that are easing restrictions to help get the economy moving again. It is time to accept that responsible lending to responsible people is necessary for the country”.
 
Despite that the associations says optimism is growing. A third of estate agents have said they’ve seen around a 10% increase in properties coming onto the market, in comparison to six months ago and one in six agents reported up to a 20% increase.

 Gary Smith, President of the NAEA, said: "There are clearly plenty of buyers out there. Last month the NAEA registered an average of four buyers for every available property. However the vast majority of these buyers also become sellers and these up-to-date figures show that as these buyers decide on a property the supply of housing will increase. It is another positive indication that the UK housing market is over the worst and the NAEA calls on the Government to further badger banks and building societies to respond to the opportunity to pull the situation around."