Miller banking on mortgage supply

The UK’s largest privately owned housebuilder said the availability of loans to homebuyers would be a crucial ingredient in a return to a stable housing market. Delivering an upbeat trading statement for the year to December 31, Miller Group, the Edinburgh based building, construction and property company, said it was seeing a gradual improvement in the housebuilding market in spite of a demanding economic environment. ‘Volumes are low but the demand has fallen a long way as the money to buy is not as readily available and the balance with supply is now much more in line,’ said Keith Miller, chief executive. ‘However, if we are to see any degree of long-term stability, it is crucial that the housing market gets a continuing supply of mortgages,’ he added.