REMARKS by the Chairman of NatWest Bank will “dismay” many people struggling to get on property ladder

REMARKS by the Chairman of NatWest Bank will “dismay” many people struggling to get on property ladder, a leading association has warned.

The National Association of Property Buyers said an interview earlier today from Sir Howard Davies’ in which he said it wasn’t that hard to secure a foot on the ladder also showed a lack of awareness on wider issues in the sector.

Spokesman Jonathan Rolande said: “These remarks will dismay millions of people looking to get on the property market. So many people, particularly those aged in their 20s and 30s, are struggling to afford to rent let alone buy a home.”

“Sir Howard’s comments also fail to address a really important point. And that’s the fact that even those who are lucky enough to be able to afford to get a mortgage are increasingly now unable to find a property because of the chronic shortage in supply.

“This is not the fault of banks. But it does shine a light on the lack of awareness many have about the nature of the current property crisis. I only hope the politicians coming out and criticising Sir Howard now back up their soundbites with policies that actually help remedy the situation rather than seeking quick and cheap political gain

“The BBC interviewer was 100% right to raise income multiples which haven’t been worse since the 1870’s.

“Sir Howard clarified his remarks by mentioning that 100% lending wouldn’t help – he’s right, that would push up prices even further.

“The lack of supply of property and poor wage growth for decades is the real culprit here.”