Lenders 'are responsible' for housing mess

16 2008
One London estate agent has claimed that irresponsible lending has caused the mortgage crisis currently responsible for the housing crash.

Claiming excessive lending is to blame for what has led to many ambitious buyers to sell their property Lee Watts, managing director of Kinleigh Folkard & Hayward, said in MoveChannel report: "The current market conditions have been brought about by too much money being irresponsibly available over recent years, leading to property prices overheating.

"This has now been compounded by insufficient money being available, combined with a widespread lack of confidence in the government and financial institutions."

Mr Watts' view is a common one and the role of the lenders cannot be underestimated, but the individual must also share some responsibility for their own mortgage choices.

Many young professionals and would-be first-time buyers are now choosing to rent, in order to avoid such complications as those affecting property owners.

Renting can offer stability and flexibility, with the option to move if a new job dictates it and a low deposit requirement upon finding an ideal property.
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