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Purplebricks boss warns on dangers of borrowing more than one can afford...

The global chief executive of Purplebricks, Michael Bruce, has warned mortgage lenders against offering so-called ‘super-sized’ home loans to borrowers. 

Bruce is a relatively infrequent tweeter but he has taken to the social media platform in recent days to warn on possible dangers to the UK housing market.

In a series of tweets yesterday - linking to newspaper articles about the growth in mortgages of up to six times the borrowers’ salaries - Michael Bruce wrote: “Warning signs are here. Reports in The Times and the Daily Mail reveal the return of massive home loans wit some eye-watering sums being borrowed.

“YES, British people have powerful aspirations to own their own homes, which is natural and a great thing. BUT, lenders need to be responsible about debt, especially when some are prepared to advance homebuyers SIX times their salary.

“Of course it’s essential to the property market that there’s competitive mortgage lending. But we should also learn from the past and ensure people know what they can afford and not afford.”

Earlier this week Bruce had been tweeting on other aspects of the market.

On Monday he agreed with an Economist article urging reform of stamp duty. 

He told his 989 followers on Twitter that: “Stamp Duty has been a drag on the market for years now. It restricts supply of family properties because older homeowners looking to downsize fear a big bill. Bad for landlords and tenants too because cost of buying property for rental is prohibitive. Reform can’t come too soon.”


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