Property Expert Calls for 'Sensible' Lending; LOANS: Company Chairman Challenges Banking Industry to Pass on Cuts in Interest Rates

Coventry Evening Telegraph (England), May 19, 2008 | Go to article overview

Property Expert Calls for 'Sensible' Lending; LOANS: Company Chairman Challenges Banking Industry to Pass on Cuts in Interest Rates


Byline: By Andy Hutson

A PROPERTY expert has called for a more sensible approach to lending, saying the last couple of years have mirrored the late 80s.

David Shortland, chairman of Coventry and Warwickshire property agents Shortland Horne, said the financial sector had loaned with far too generous terms and the British economy deserved a more prudent approach to lending.

"The property market needs a consistent and sensible approach to lending, something the industry has so far yet to adopt," he said.

"The last couple of years have been like the late 80s when the financial sector loaned with far too generous terms and, when it got its fingers burned, it went the other way and caused liquidity problems."

His comments came after Bank of England governor Mervyn King braced households for a further budget squeeze as policymakers struggle to get a grip on inflation.

Mr King warned over the impact of soaring energy bills, food prices and dearer imports as the Bank's forecasts predicted Consumer Prices Index inflation could hit 3.7 per cent this year.

The Bank added to the gloom by predicting growth could slow to just 1 per cent this year - well below official government forecasts - as banks hit by the credit crunch tighten up lending and consumers, alarmed by falling house prices, save more.

Policymakers are unlikely to ride to the rescue of struggling homeowners and borrowers with interest cuts because inflation is so high. …

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