Lack of lending 'will put brakes on market'
Thursday 17 November 2011
Barratt Developments warned that the shortage of mortgages is holding the housing market back, even as it reported a rise in selling prices.
The UK's third largest housebuilder said that its average selling prices increased by 7 per cent to £207,000 since June as it focused on building family homes in the South-east.
Barratt, which also trades as David Wilson and Ward Homes, said underlying property prices remained "stable". But unless there is a "significant" rise in the availability of mortgages the industry's growth prospects will remain constrained, it warned. Mortgages have become harder to get since the recession as lenders have demanded higher deposits, ruling potential first-time buyers out of the market.
The group, which returned to profit earlier this year after house prices slumped in the recession, said it expects a significant improvement in full-year profits.
- 1 The black and blue dress: Makers considering a white and gold version
- 2 Husband and wife die holding hands within hours of each other after 67 years of marriage
- 3 What color is The Dress, white and gold or blue and black? An eyewitness gives a definitive answer
- 5 Fearne Cotton quits Radio 1 after ten years for 'family and new adventures'
New theory could prove how life began and disprove God
Half of Ukip voters say they are prejudiced against people of other races
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
This is what it's like to be dead, according to a guy who died for a bit
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Aqsa Mahmood branded a 'disgrace' by her parents after claims she recruited three UK girls flying to Middle East
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...