NatWest’s chair has said he believes it is not currently “that difficult” for people to get on the housing ladder.
Sir Howard Davies said people have always had to save for a deposit but admitted you had to save more today.
He told the BBC he recognised people were “finding it difficult to start the process”, but warned of “dangers” in “very easy access to mortgage credit”.
He told the BBC he recognised people were “finding it difficult to start the process”, but warned of “dangers” in “very easy access to mortgage credit”.
“What planet does he live on? This is astounding to hear from a senior banker,” said Ben Twomey, chief executive of campaign group Generation Rent.
Katy Eatenton, a mortgage and protection specialist at Lifetime Wealth Management, called Sir Howard’s comments “ludicrous”.
“The cost of living is the highest it has been, rents are increasing year on year and house prices, interest rates and the lack of first-time buyer schemes are all adding to the difficulty in getting on the property ladder.
“Sir Howard Davies is totally out of touch with reality,” she said.
The average price of a property in the UK is currently £287,105, according to figures released on Friday by Halifax, the UK’s biggest mortgage lender.
NatWest’s chair has said he believes it is not currently “that difficult” for people to get on the housing ladder.
He told the BBC he recognised people were “finding it difficult to start the process”, but warned of “dangers” in “very easy access to mortgage credit”.
Sir Howard Davies said people have always had to save for a deposit but admitted you had to save more today.
“What planet does he live on? This is astounding to hear from a senior banker,” said Ben Twomey, chief executive of campaign group Generation Rent.
He told the BBC he recognised people were “finding it difficult to start the process”, but warned of “dangers” in “very easy access to mortgage credit”.
He told the BBC he recognised people were “finding it difficult to start the process”, but warned of “dangers” in “very easy access to mortgage credit”.
“What planet does he live on? This is astounding to hear from a senior banker,” said Ben Twomey, chief executive of campaign group Generation Rent.
Katy Eatenton, a mortgage and protection specialist at Lifetime Wealth Management, called Sir Howard’s comments “ludicrous”.
“The cost of living is the highest it has been, rents are increasing year on year and house prices, interest rates and the lack of first-time buyer schemes are all adding to the difficulty in getting on the property ladder.
“Sir Howard Davies is totally out of touch with reality,” she said.
The average price of a property in the UK is currently £287,105, according to figures released on Friday by Halifax, the UK’s biggest mortgage lender.
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