Mortgage crunch 'to blame for moribund market' | This is Money
The boss of housebuilder Redrow today blamed a moribund property market on the lack of decent mortgages available to first-time buyers.
Steve Morgan, reporting a return to profit for his firm Redrow, said a 'chronic shortage of affordable high-loan-to-value mortgage products in the market' was keeping first-time buyers out and damaging the market further up the chain.
'Nobody wants to see the return of the irresponsible lending of a few years ago,' said Morgan, the Redrow founder who returned to the business last year.
'Nevertheless 90%-plus mortgages, which previous generations of first-time buyers were able to take for granted, are now prohibitive on the grounds of both availability and cost.'
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