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NAEA again calls for government action

Wednesday, 30 July 2008 12:00 AM

The National Association of Estate Agents (NAEA) has called for immediate government action to prevent further damage to the UK housing market.

In response to yesterday's Crosby report - the NAEA again called for "swift action from the government" to boost confidence in the market and free up liquidity for lending.

"While we welcome the fact the government has acknowledged that there is a problem in the marketplace by commissioning this report we are concerned that the report is not placing a heavy emphasis on immediate action to help ease the significant problems in the mortgage market," explained Peter Bolton King, NAEA chief executive.

The NAEA - which operates as the residential sales arm of the National Federation of Property Professionals (NFOPP) - notes the Crosby report finds "shortage of mortgage finance will persist throughout 2008, 2009 and 2010" and argues immediate action should be taken to rectify the situation.

Presently the mortgage market languishes in the doldrums, with the Bank of England yesterday reporting mortgage approvals have now fallen to the lowest level since records began to 1993.

"Crosby states he is looking 'with some urgency' at the options for stimulating supply of mortgages," continued Mr King.

"However, given the current economic climate and the crippling effects this has had on consumer confidence over the past few months surely this issue should be dealt with a lot of 'urgency' to ensure adequate solutions to the problems that the country faces are put swiftly into action.

"The sooner we find a remedy for these underlying problems in the market place the better," he adds.

However, the Crosby report has distanced the government from dramatic intervention in the market, stating this will dilute competition and reduce the incentive for prudent lending in the future.

The government response to the report and subsequent recommendations to assist the market are expected in the pre-Budget report later in the year.

"We really want to see swift action from the government to ease the current pressure and give consumers access to funds," concluded Mr King.

Chris O'Toole

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