Oct. 12 (Bloomberg) -- The recovery in the U.K. mortgage market has “a long way to go,” said John White, chairman of homebuilder Persimmon Plc.
“My personal view is that we should only expect 50,000 a month for the foreseeable future,” he said at the Housing Market Intelligence Conference in London today. “If we get more, that will be good.”
U.K. mortgage approvals fell for a fourth month in August to 47,372, less than half the level at the peak of the housing boom in 2007, the Bank of England said Sept. 29. The average price of a home fell 3.6 percent in September from the previous month to $258,000, Lloyds Banking Group Plc’s Halifax division said Oct. 7.
White also said the recovery in the housing market will depend on the availability of more mortgage products with higher loan-to-value ratios for first-time buyers.
To contact the reporter on this story: Jennifer Ryan in London at firstname.lastname@example.org
To contact the editor responsible for this story: John Fraher at email@example.com