NORTH-EAST estate agents have accused “unfair” banks of holding up the recovery of the property market.

The latest meeting of the North-East Property Forum heard that while activity and listings were up, sales had “flatlined” due to problems with mortgage availability.


Members also reported that the housing market was “erratic, price sensitive, not fantastic but okay”.

Confidence was described as “a bit low” with members suggesting that uncertainty caused by the forthcoming General Election was leading to buyers “sitting on the fence”.

Forum chairman, Tim Haggie, a senior partner at Latimer Hinks, said: “There is clearly a very strong feeling that banks don’t want to lend money and we should all feel very strongly about that.

“Those banks which are largely owned by taxpayers should be compelled to making funding available instead of it being left to their discretion. Instead of rebuilding their balance sheets, they should be building the economy.”

His sentiments were echoed by Terry Davies, of independent financial advisors Jonathan Fry and Co, who said: “The credit checks on first-time buyers are unbelievable.

“It seems unfair that banks packed with quantative easing capital are saying no to mortgages. We are no further forward with releasing capital.”

The next meeting of the forum will focus on the General Election, with members drawing up a property manifesto.

■ Forum members in attendance were: Geoff Graham, J W Woods; Nick Carver, Carver Residential; Simon Bainbridge, Smiths Gore; Ian Taylor, Your Move Scott-Collier Taylor; Steve McOwan, George F White; Mark McKelvey, GVA Grimley; Jamie Cameron, Stanton Mortimer.