HBF’s reaction to today’s ‘Mortgage finance: interim analysis’ by Sir James Crosby. The Home Builders Federation is disappointed that Sir James Crosby has not recommended urgent action to free up the supply of mortgage finance, despite acknowledging the significant risks current market conditions pose to the wider economy. Indeed, without action, he foresees mortgage shortages persisting into 2009 and 2010. HBF Director of Economic Affairs, John Stewart, said: “If the Treasury does not take up any recommendations from Crosby until the Pre-Budget Report in October or November, this will unduly prolong the frustration of those – particularly first-time buyers – who are currently having difficulty obtaining mortgages to buy their own home. The benefits of action will not be realised until Spring 2009 at the earliest - seven or eight months from now. This is too big a price to pay as in the meantime steeply falling housing transactions, weakening house prices and sharply lower house building activity risk damaging Britain’s wider economy.” - Ends - Notes to Editors: 1. The Home Builders Federation (HBF) is the principal representative body for private sector home builders and voice of the home building industry in England and Wales. The HBF’s 300 member firms account for some 80% of all new homes built in England and Wales in any one year, and include companies of all sizes, ranging from multi-national, household names through regionally based businesses to small local companies: www.hbf.co.uk For media enquiries, or to arrange an interview, please contact Steve Turner 020 7960 1606 07919 307 760 steve.turner@hbf.co.uk
