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24/09/2008
Property market has a 'long way to go' before it improves |
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The property market in the UK is unlikely to recover quickly, a mortgage lender has suggested.
According to Paragon Mortgages, there is still a "long way to go" before the market recovers, despite recent intervention from the government.
John Heron, managing director at the organisation, pointed out that the reason the government stepped in was because the financial situation had become so dire.
He noted that the Bank of England could behave in a similar manner to the US and pour money into the system to counter bad lending but suggested that it is "possibly not worth it".
Mr Heron made his comments in light of the recent collapse of Lehman Brothers.
He said: "We have seen the Americans to move increasingly towards supporting the market in recent months, we've seen little or no action from the UK government, we are starting see that now because they've been forced to recognise the criticality of the situation."
"I think it has improved but we have a long way to go," Mr Heron added.
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