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Widely-available mortgages 'needed to kick-start housing market'

By Jonathan Dawes, Wed 30 Jul 2008 - Published in Mortgages

Until increasing numbers of people are able to get more competitive loans, the housing market will continue to suffer, according to Savills.

Lucian Cook, director of the real estate service provider, said the situation "won't recover until the credit crisis has worked itself out and we are back to being able to get hold of lending on more reasonable terms".

He predicted property prices would fall ten per cent by the end of the year, with further decreases expected in 2009.

Rightmove claims property prices dropped 1.8 per cent this month, the steepest fall ever recorded in July.

The previous low for the month stood at one per cent and occurred three years ago.

Figures from Rightmove reveal properties coming onto the market during July were priced at about £4,000 less than during June.

They also show there was a sixth consecutive monthly rise in unsold houses, with the number per estate agent rising from 74 to 77.