Saturday, Sep 11, 2010
Another builder begging for money
Telegraph: Redrow chief wants help for first-time buyers
Steve Morgan, chairman of housebuilder Redrow, has called on the Government to intervene in the mortgage market in order to remove the "major constraint" holding back a housing recovery. Mr Morgan said the lack of mortgages for first-buyers was a "very avoidable" situation. "We are not blaming the banks," he said. "This comes down to Basel III and the restrictions on their balance sheet." The Redrow chairman said first-time buyers often had to provide a deposit of 20pc to secure a mortgage, compared to a historic average of 6pc. He urged the Government to set up an insurance indemnity scheme for first-time buyers to ease the problem, or provide tax breaks.
Posted by quiet guy @ 12:30 PM (1041 views) Add Comment
10 Comments
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1. paul said...
You can guarantee that whenever anyone wants help on behalf of someone else, what they actually want is to help themselves (in every sense).
Throwing out prudence to create another mini property boom is not the way ahead. besides, I thought FTBs were no longer needed by the market because cash buyers and BTL landlords would step in ... ?
2. Crunchy said...
'Steve Morgan, chairman of housebuilder Redrow, has called on the Government to intervene in the mortgage market in order to remove the "major constraint" holding back a housing recovery.'
The major constraint is preventing the housing market/banks from adjusting.
More bank runs on the horizon seems obvious. Let it be and move on.
3. Bumpy said...
So why dont Redrow just reduce their house prices to new buyers, Problem solved.
Or would that mean someone doing something without running to the Government to apportion blame and demand help.
4. Cool_hand said...
here's an idea, prices drop 20%.
5. mark wadsworth said...
This is just more Blue Socialism or Home-Owner-Ism or whatever you want to call it.
6. str 2007 said...
the Market, if left alone, will help the FTBers all by itself.
A fall of 50 percent will turn all 10percent deposits into 20percent deposits.
7. markj69 str05 said...
Here, here, str.
How many times does it have to be said, HOUSE PRICES ARE TOO FU@K1NG HIGH!
This country is on it's knees, and society will just keep getting worse. A huge factor of this is the inability for people to live in an acceptable home - Affordable, comfortable, not so small you feel claustrophobic, not too close to your neighbour. I guess it's just too much to ask in a capitalist society. Legalised 'shafting' of the general populus. Repressing the masses, future masses.
I really do hope this monster crashes with the force it deserve. But alas, I fear we, the lesser class, will continue to be rogered for eternity.
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9. Crunchy said...
4. markj69 str05 said... I guess it's just too much to ask in a capitalist society.
Funny that, it's looking more like feudalism from where I'm standing, maybe I'm ahead of the curve, or looking too much into our leading
indicator, America. Did you know it is now illegal to sell home grown foods within your community over there.
All bow to Monsanto and it's covert satanic offerings. Relax it's all OK, Daddy Obama's here. Praise the Lord.
10. Jayk said...
Redrow just want to build another million boxes out of wood with crappy storage heaters, bathrooms with no windows, and single spaces for kitchens and living rooms. Otherwise known as "modern" homes.