Mortgage Shortages 'Holding Up Recovery' ; Redrow Chairman Blasts 'Comical' Planning System

Western Mail › February 26, 2010

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Summary

MORTGAGE shortages are continuing to hold up the housing recovery according to housebuilder Redrow, which saw turnover increase by 25% in the last six months of 2009.

The warning came as the North Wales company, the UK's sixth largest housebuilder, yesterday said it had reduced its losses by 81% in the second half of the year.

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Extract

Mortgage Shortages 'Holding Up Recovery' ; Redrow Chairman Blasts 'Comical' Planning System

Redrow chairman and founder Steve Morgan, who returned to the firm after a boardroom coup last March, said the squeeze on mortgages, particularly for first-time buyers, is continuing to hamper the market'...

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