The government should avoid interfering in the UK’s housing market, one expert has asserted.
David Kuo, head of personal finance at comparison firm Fool.co.uk, maintains that the market needs to be left alone in order for it to find a realistic level and to progress with any degree of dynamism.
Many homeowners are worried about their debt management position in light of falling property prices and a reduction in the availability of mortgage deals but the government should resist the urge to interfere, says Mr Kuo.
“In its attempts to help homeowners, it [the government] is killing with kindness,” he remarked.
“It is holding back a dynamic market that needs to fall as well as rise to move forward.”
Including mortgage arrears, the typical British household has a debt management burden worth in excess of £57,000, according to the latest data from Credit Action.