CML: More liquidity in market needed

14-Apr-2008

The chairman of the Council of Mortgage Lenders (CML) has urged the Bank of England to inject further liquidity into the property market, which could be of note to first-time buyers.

CML's Steven Crawshaw said that a liquidity boost is required to stem continued shrinkage in the market and to restore confidence which has been undermined by stricter lending criteria.

"Access to European Central Bank funds in recent months has certainly helped some UK-based lenders," he remarked.

"The challenge is for a similar facility to be more widely available in the UK via the Bank of England - sooner rather than later," said Mr Crawshaw.

He added that he was impressed by lenders who responded to the current conditions by continuing to offer mortgages to borrowers at risk of losing out due to the credit crunch.

Michael Coogan, director general of the CML, said another base rate cut is needed in May, as well as more liquidity auctions.

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