Brown slammed for lack of action says National Homebuyers

Gordon Brown has been told to take action over the mortgage market, in a sign that there may soon be a surge of people seeking to secure a fast property sale.

[ClickPress, Tue Apr 22 2008] It appears that the mortgage crisis is deepening, with Conservative shadow chancellor George Osborne calling for action.

It follows a meeting at Downing Street between Gordon Brown and bank bosses.

Mr Osborne has criticised the prime minister for failing to reach any sort of agreement.

As the crisis goes on, more people are likely to seek a fast property sale in order to secure as much money as possible for their properties.

"In typical Gordon Brown style, the only concrete decision that came out of his meeting with bankers was the promise of another meeting – this time with his understudy, Alistair Darling," said Mr Osborne.

"With more gloomy news on housing it is time for the government to stop dithering. We need to unfreeze the mortgage market with the collateral swap programme that I set out yesterday.

"That way we can help thousands of families facing higher mortgage bills as a result of the credit crunch," he added.

Julian King of National Homebuyers adds, "We believe the Treasury will act to help people get on the property ladder, but this will be cancelled out by the lenders increasing fees for people with small deposits.

"This crisis will continue for some time to come".

Mr King is a director of National Homebuyer, the UK's leading fast property purchasing firm.

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