Following Dennis Turner’s, Chief Economist at HSBC Bank, speech at the Ealing Chamber of Commerce, Northfields Estate Agents’ Managing Director and President of the Chamber, Richard Palfreeman comments: “The government have difficult choices to make and seem determined to see them through."
Dennis Turner gave the assembled business leaders what Richard Palfreeman thought to be “the here and now and addressing the issues affecting each and every one of us, our businesses and the ultimate impact on our economy in layman’s terms.” Questions covered were whether the slashing of budgets too viciously whilst not investing, was enough to keep our economy rolling or the most burning questions on whether we are heading for a double dip recession?
Richard says of the experience: “Dennis Turner is an economic legend. In challenging times like these, economic gurus such as Dennis Turner are in serious demand. As the Chief Economic Adviser for HSBC, Dennis is a rare breed and highly sought after. He heads a team advising bankers on economic trends both within industry sectors and at national and international level.” In a personal capacity, Dennis Turner was one of a small number of private sector economists who advised the pre-Blair Labour Party, retaining high level Government contacts.
Richard Palfreeman felt that Dennis’ speech was excellent and “confirmed our own sense that the housing market is not going to be affected in West London to the same extent as areas in the country, which are particularly dependent on public sector jobs.”
In challenging times like these, it is good to see that “there is still demand in buying property in West London, with its good transport links and schools”, Richard Palfreeman observes further though, ”that people are constrained by lack of available finance. The real issue is not a lack of demand but the availability of mortgages. Though we do not wish to see a return to unsustainable lending, for the market to recover fully, we would like to see a return to sensible lending to First Time Buyers at 85% - 90% of loan to value.“
With the government and HSBC forecasting the economy to grow by 1.4% next year, the likelihood of a double dip recession is rescinding. And the current lack of competition in mortgage markets is causing the housing market to be artificially low.
For more information or advice on your mortgage and property needs call one of our friendly team members today on 020 8840 6666.