Paul Brown, who lives in Easingwald and manages director of Vivly Living, said changes to lending rules will allow banks to issue more loans to buyers with fewer deposits.
The government is urging financial regulators to consider increasing flexibility in allowing banks and other lenders to “responsible risk take” from borrowers.
The move comes in response to a demand from Prime Minister Rachel Reeves on UK regulators earlier this month.
Paul Brown, managing director of Vivly, is a North Yorkshire-based developer who lives in Easingwold. He was previously managing director of Caedmon Homes and completed successful developments in York, Whitby and Boroughbridge.
Paul said: “It's clear that we're worried about the sick UK economy, but the relaxation of mortgage regulations coupled with relaxation of planning regulations means that the housing market needs to be severely needed. should promote. If this occurs, the thriving housing sector could begin a revival of the economy.
“Checking mortgage lending rules will help with affordability issues not only for first-time buyers but also for those looking to move their home ladders further up. Banks are always responsible for the You will lend, but the current rules limit the number of people who can get a mortgage, which can make you feel relaxed.
“Providing mortgage lending rules will be wisely eased, opening up the housing market and opening up thousands of potential buyers.
“We weathered COVID and rose rapidly without significantly increasing the co-fight. Now is the right time to give the UK housing market what it is so badly needed. .
“Mortgage lending rules are currently too restrictive.”
Ms. Reeves and Prime Minister Kiel have pledged to make the UK the fastest growing economy in the G7, but now they need to reduce their spending plans in the face of higher borrowing costs than expected.
Areas expected to be considered include financial stress testing rules that first-time buyers can borrow. At this time, mortgage lenders only lend 15% of their total mortgage “loan books” to people worth 4.5 times the annual salary.
Vivly Living has just been recognized for plans for a new residential development at Shepley near Huddersfield. The Kirklees Council has acquired 52 new homes in Knowle Grange. Phase 1, which consists of 31 homes, sold out completely.
