Banks ‘hold key’ to stimulating first-time buyer market

BANKS must continue to do more to help the first-time buyer market in Leeds, a group representing the city’s property experts has warned.

The Leeds Estate Agents Surveyors & Valuers Association has renewed its call to lenders to play a bigger role in stimulating the market.

Speaking at the association’s annual meeting, newly-elected president Paul Lehan said: “Against a challenging economic backdrop, Leeds’ estate agents continue to work hard and innovatively to meet the needs of both buyers and sellers.

“But banks hold the key to the pace of further progress, especially in moving forward the first-time buyer market.”

“Membership assures the public that they are dealing with a company fully committed to providing genuine and sincere advice,” added Mr Lehan, a director of Leeds-based sales and letting agency Castlehill.

“To maximise this expertise for the good of the market, banks need to act quickly on relaxing lending criteria.

“We remain confident about the continuing revival of the market as we enter what is traditionally one of the busiest sales periods of the year.”