Funding for Lending scheme has not yet made significant impact on house sales
In a bid to boost the economy the scheme was launched six months ago, through the Bank of England, to make £60billion available to banks and building societies so that they could lend money to businesses and individuals.
A representative of The Halifax, a major UK mortgage lender, said that although it was suspected that Funding for Lending was having an improving effect on house sales it was difficult to quantify the exact level of effect.
According to the Building Societies Association, residential conveyancing solicitors may see the scheme causing increased house sales during the first half of 2013 – initial statistics showed lenders did not take advantage of the scheme early on.
As the global economic recession still sits heavily on the housing market, residential conveyancing solicitors are hoping that the scheme will start to take effect as soon as possible and that more and more house buyers will be requiring their expert services to ensure their house purchases go through with the minimum of fuss.News