RICS: CML July mortgage lending data

Commenting on the CML mortgage lending data: "The latest figures from the CML highlight the very real problems facing first-time buyers trying to get on the housing ladder at the present time. With Loan to value ratios being scaled back, mortgage finance scarce and the need for larger and larger deposits, potential new entrants are being squeezed out of the market. The stamp duty holiday announced last week should provide some assistance but more needs to be done to boost liquidity. The forthcoming Crosby report into mortgage finance provides the ideal opportunity to take action in this area. An extension as well as a widening of the existing Special Liquidity Scheme to include new issuance of mortgage backed securities is necessary to help provide some much needed stability in the housing market. To ensure this approach is effective, a proportion of the lending should be allocated to first-time buyers."