Mortgages top of Browns help plan

Telegraph - The Prime Minister insisted that there will be "targeted" plans for certain parts of the economy, including the mortgage market.
Despite growing resistance to new fiscal measures from the Treasury, the Bank of England and the CBI, Mr Brown is determined to not be put off announcing new spending plans in next month's Budget.

Mr Brown was challenged on his trip to South America that the consensus at home was that the country could no longer afford a new fiscal boost. On Tuesday, Mervyn King, the Governor of the Bank of England, said Britain could not afford further tax cuts or public spending rises in the Budget.
But Mr Brown, who returns to Britain tomorrow, claimed that he did not differ in his outlook from Mr King.
He said: "I think what Mervyn King was saying is what I have always said, that you have got to be cautious about everything that you do."
But he raised the possibility of specific, targeted measures including action on mortgages, or climate change and low carbon recovery, or public works and investment.
"We have got to get the economy moving, but of course you have got to have sustainable finances. That is what running an economy is all about."
He added: "We must not rule out the action that is necessary for jobs and growth."
One of the ideas that had been suggested to Treasury officials but then ruled out was a review of mortgages to see whether all mortgages in future should be trackers, rather than fixed rate.
A Treasury source said such a plan would be fraught with potential difficulties because of the volatility it could create.
But there is still a desire to try and revive the mortgage market and Alistair Darling, the Chancellor, will be expected to announce some initiative to get the banks lending to potential home owners and first time buyers in particular.
The number of homes changing hands has continued to be less than half of the levels seen a year ago. New figures yesterday showed that house prices fell in all areas of England and Wales on both a monthly and an annual basis during February.
The annual rate of house price falls has been steepest in the West Midlands at 17.7 per cent, closely followed by Wales at 17.6 per cent and the North West and South West, where properties have lost 17 per cent of their value during the year to the end of February.
Figures from the British Bankers' Association have shown that the number of mortgages approved for house purchase has risen for three months running.
Howard Archer, chief UK and European economist at IHS Global Insight, said: "While latest mortgage approvals data suggest that housing market activity may have bottomed out and survey evidence indicates that buyer inquiries have picked up significantly recently as people are attracted by lower house prices and the Bank of England slashing interest rates, we remain sceptical that sales will pick up substantially any time soon and put a floor under prices."

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