Lending boost 'needed' to help first-time buyers and others

29-Apr-2009

Lenders for house sales need to raise the amount of money they are lending in order to help first-time buyers and other home purchasers stimulate the market.

That is the view of Michael O'Flynn, content editor for industry website FindaProperty.com, who claimed that it is vital more funds are made available for those looking for new homes.

His comments come on the back of recent reports - such as those from HM Revenue & Customs and Nationwide Building Society - which show the market has picked up lately after a year of falling property prices.

Some homes have dropped into the price range of first-time buyers, but many have found that they cannot secure the initial funding.

Mr O'Flynn said: "It is, of course, important buyers remain interested and that we see an increase in their numbers. At the moment, transaction levels are very low and the market won't improve unless that picks up."

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