NAEA: Modest mortgage growth not enough

The National Association of Estate Agents (NAEA) has insisted that more needs to be done to aid the recovery of the housing market, despite reports that the mortgage industry is seeing a modest growth.

Following £12.5 billion being made available in September, mortgage lending increased by 18 per cent to an estimated £38.9 billion between the second and third quarters of this year, Council of Mortgage Lenders (CML) figures revealed yesterday.

However, despite agreeing that demand for property has returned, NAEA chief executive Peter Bolton King called on the government and mortgage lenders to increase their efforts.

"Lenders need to do much more in order to help facilitate the second phase of housing market recovery," he said.

"The government must also play their part in nurturing the recovery by extending the holiday on stamp duty."

Get a landlord house insurance quote today from Simple Landlord Insurance.