Builders warn of lack of mortgages

Two of the UK’s largest house builders Redrow and Barratt Developments have said that the continuing lack of mortgage availability is hampering the recovery of the housing market. They said that while the market has stabilised too many would-be buyers are struggling to get the finance needed, and the drought in the mortgage market was ‘without doubt… a major obstacle to the recovery of the housing market’. Both companies are facing a big decrease in their average selling price.