Low-cost homeownership at a "crossroads"

The provision of low-cost homeownership is at a difficult stage, it has been suggested.

According to the Council of Mortgage Lenders, pressure on bodies to provide this type of dwelling is not going to slow down any time soon.

The institution noted that the area is at a "crossroads" and the most successful plan it has ever had was the right-to-buy one.

A frank discussion of what measures need to be introduced is required within the area, as lenders and others have to consider whether they are going to maintain their commitment, the group observed.

It also stated that the credit crunch has damaged the market, as house prices are not rising and funding is no longer readily available.

The news comes after the Consumer Financial Education Body urged consumers to take charge of their mortgages.

Mary Graham, the organisation's regional manager, remarked that it is important to be in the "driving seat" when it comes to the issue.