UK Banks Should Increase mortgage lending

According to Steve Turner, head of communications at the Home Builders Federation, lenders should offer more home loans at competitive rates.

Such moves should be the "main priority" in terms of improving the fortunes of the property market in the UK, he claimed.

Mr Turner stated: "The crux of the issue in terms of the housing market is getting banks lending again at sensible rates to people who want to buy homes."

He went on to say that the government has a range of measures in place which will hopefully result in lenders beginning to offer more mortgage products over the next few months.

Meanwhile, figures produced recently by the Council of Mortgage Lenders revealed that mortgage lending fell in April by nine per cent compared with March, with a total of £10.4 billion lent during the 30-day period.