CML reaffirms what needs to be done for UK home lending markets after election

Taylor Scott International News

The Council of Mortgage Lenders has reissued its election manifesto aimed at political parties ahead of the forthcoming vote in the UK in May. It highlights many of the issues for people in different tenures in today's housing market and sets out the challenges to be addressed in delivering effective housing solutions for the future. ‘The mortgage market is a £1.2 trillion industry, and housing a key electoral issue. This is our combination to the political debate. Whoever is in power after the election will have to show they can create a joined up and cohesive housing strategy for all housing tenures,’ said Paul Smee, director general of the CML. ‘The UK housing market is really a set of local markets, so there are especial challenges in delivering a focused long-term plan, but it is crucial for the wellbeing of citizens, and the growth of the economy and lenders are keen to play a positive role,’ he added. The manifesto gives a lender's perspective on what actions need to be taken to tackle the most important problems facing the market, Focusing on the needs of the old, the young, and the in-betweeners, it recommends creating a comprehensive house building plan to increase the supply of housing in all tenures. It also suggests the promotion of shared equity/shared ownership as a permanent tenure and addressing the regulatory stumbling blocks that relate to lending into retirement as well as promoting better pathways between the mainstream mortgage market, lifetime mortgages, and downsizing. The manifesto suggests work needs to be done to ensure new housing supply fully reflects the needs and aspirations of an ageing population and the need to identify any unintended consequences of regulation on credit worthy mortgage holders. It wants whoever wins the general election to work with the industry to develop a more effective safety net against the risk of change in household circumstances and make sure that policies affecting all tenures, such as welfare reform, are holistic and align with private sector markets. Continue reading →

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