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The role of the banks and the strategic response of the building industry

by on Dec 15, 2011

  • 378 views

The stringent lending practices of the banks are exacerbating the recession as evidenced by the precipitous decline in BPP and the consequent decline in BC....

The stringent lending practices of the banks are exacerbating the recession as evidenced by the precipitous decline in BPP and the consequent decline in BC.

Developers complain that they cannot get funding, building work in progress cannot be completed, mortgage advances to Flats and Townhouse developments have declined by some 65%, and mortgages for undeveloped land has plummeted by some 75%.

All of these actions clearly signal that the banks have judged property as a poor investment.

A consensus industry view is that conditions in the industry will only improve once the Banks demonstrated confidence in property as a preferred investment and relaxed their stringent lending criteria .

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