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15/06/2009
Lack of legal regulation 'a problem for housebuyers' |
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An inadequate legal and regulatory framework has created a housing market system in the UK that has disproportionately affected first-time buyers.
Spokesperson at pressure group PricedOut.org.uk Katy John commented that this group is "bearing the brunt" of a lack of regulation in the past decade.
She said: "If there had been better regulation of bank lending over the last ten years, there would be a better choice of sensible, affordable mortgages available today."
However, high prices are still the biggest problem, she said.
Those keen to get on the housing ladder may wish to see a property lawyer about how to deal with the various legal aspects.
One major problem for first-time buyers has been the lack of high loan-to-value (LTV) mortgages.
Figures from price comparison website moneysupermarket.com have shown that since January 2008, the number of deals at 90 per cent LTV or higher has fallen by 97 per cent.
Written by Laurence Smith
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