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London, 2nd September 2013 –Commenting on the Bank of England’s announcement on bank lending figures for the Funding for Lending scheme, Adam Challis Head of Residential Research, Jones Lang LaSalle said, “Funding for Lending has not been without controversy, but one year on can be given considerable credit for providing a housing demand boost by making mortgages cheaper. Today’s figures show net lending by the 41 banks and building societies participating in the scheme was up by £1.6bn during the second quarter of this year.
“Funding for Lending and the subsequent Help to Buy scheme have broadened the demand from prospective house purchasers, such that the media is now seemingly as concerned with a potential house price bubble forming as any ongoing market weakness. Clearly there are regional manifestations to this view, but these fears are overblown.
Chancellor George Osborne deserves some credit for sticking to a series of bold fiscal programmes that are pulling the housing market out of the doldrums – despite some fierce opposition at times. We’re nowhere near ‘normal’ yet, but at least we are finally heading in the right direction.”
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