The housing minister seeks answers this week as he calls on leading members of the property industry to bring more to the table to help hopeful homeowners find their way to a mortgage successfully. It has been dubbed a summit meeting and will be held on Tuesday, February 15. Housing minister, Grant Shapps, has been concerned that lending is being held back from those that should be given credit. Mainly he is concerned about the absence of new buyers in the market and the result which has led to an almost frozen property ladder with practically none coming on and very few going up the ladder.

Currently the average age of a first-time buyer is at 37 years of age. The government wishes to bring first time buyers back into the market at a younger age. Home ownership, it is believed, should be made more available and the strict lending practices self-imposed upon by the banks will be reviewed for fairness and practicality.

Those attending the mortgage lending summit will be industry leaders, think-tanks, bankers, and mortgage lenders. It is hoped that the meeting will bring minds together to find better ways to bring new buyers into the market and make lending available to those currently being so widely shut out. Not only do possible home buyers await the outcome but those sitting in their own starter homes anxious to move upward into larger property and will watch as well. Home sellers will welcome any help to get buyers into homes. The housing market has for many months needed a boost, and any boost will bring some life to the entire economy.