LETTER

Saturday 16 March 1996 19:02 EST

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THE Government has been blamed for the huge increase in negative equity, but I suggest that the main responsibility rests with the building societies and other lenders.

When I was young, lenders did not lend more than two-thirds of the valuation of a house. This was probably too low, but over the years the percentage crept up until not infrequently it reached 95 or 100 per cent.

The assumption was that house prices would never fall again. This was the height of imprudence by the building societies and other lenders.

S G Grant, Letchworth, Herts

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