“The Queen’s Speech was full of positive rhetoric on homeownership as a key part of the Conservative agenda, but there is plenty of work to be done before handing over the keys to any new Starter Homes or Right to Buy properties. The government must work swiftly with the mortgage industry to ensure finance is available to help consumers with their purchases. If not, we will be left with more schemes that are implemented in a hurry with lenders and brokers having to play catch-up.
“Today’s speech also leaves a big question mark hanging over the Help to Buy mortgage guarantee, which is in danger of passing the halfway point with no clarify on its future. Reviving Right to Buy certainly promises another short-term boost to homeownership, but there must be a more joined-up approach to increasing the long term housing supply rather than focusing on short term demand.
“It is encouraging that the Housing Bill promises greater emphasis on Right to Build, brownfield development and measures to speed up the planning system. These must be a priority rather than an afterthought, and it remains to be seen if the government is prepared to go far enough on planning and supply to prevent a far greater housing crisis than the one we have today.”
For further information please contact:
Andy Lane / Will Muir, Instinctif Partners
Tel: 0207 427 1422 / 29 / twc.imla@instinctif.com
Notes to Editors
About IMLA
The Intermediary Mortgage Lenders Association (IMLA) is the trade association that represents mortgage lenders who lend to UK consumers and businesses via the broker channel. Its membership of 52 banks, building societies and specialist lenders include 18 of the 20 largest UK mortgage lenders (measured by gross lending) and account for about 90% of mortgage lending (91.6% of balances and 92.8% of gross lending).
To keep up to date about IMLA in the news, our reports and other announcements, follow us on LinkedIn.