IMLA Publications
IMLA has an active research programme, conducting regular 6 month surveys of both lenders and intermediaries and using the results to generate insights into the market in general, the intermediary market and policy issues.
IMLA also produces regular reports, articles and blogs on issues affecting the UK mortgage market. All of these are available below.
Improving home energy performance through lenders — Response by the Intermediary Mortgage Lenders Association February 2021
IMLA Mortgage Market Tracker, Q4 2020
The new ‘normal’ — prospects for 2021 and 2022
Rob Thomas
The eighth in our series of annual reports looking at the outlook for the UK mortgage market in the coming year.
IMLA Market Briefing – December 2020: Key developments in the housing and mortgage markets
Bob Pannell
- With GDP still considerably below its pre-Covid level, there should be further
economic recovery next year. But there is huge uncertainty about its precise
path and nature, and this means that prospects for jobs, household sentiment
and the housing market are also uncertain.
- The housing market has been experiencing strong growth and record house
prices in recent months because of the release of pent-up demand, changes in
housing aspirations and the temporary stamp duty holiday. These factors are set
to unwind in the first quarter of next year.
- House prices may ease back through 2021 and 2022, reversing some of the
recent sharp gains.
- Government policies have created an inadvertent “cliff edge” for the housing
market at the end of March, with the stamp duty holiday ending and a move to
less generous Help to Buy arrangements at the same time as job support
schemes are withdrawn.
- While most mortgage borrowers who opted to defer their mortgage have
already resumed payments, some households will be struggling with their
finances and their ranks are likely to grow when Government support measures
wind down. This will show through in higher arrears and possessions figures
through 2021 and beyond.
IMLA Mortgage Market Tracker, Q3 2020
Green Mortages
IMLA Market Briefing – September 2020: Key developments in the housing and mortgage markets
Bob Pannell
- Post-lockdown, there has been a strong recovery in housing market activity
across most of the UK. July’s temporary cut in stamp duty appears to have
accelerated demand. House prices on several measures have reached record
levels.
- This sits oddly with the economic damage that social distancing measures have
wreaked on businesses and households, the scale of which will become more
apparent when the Government unwinds key support schemes at the end of
October.
- Mortgage lenders have successfully grappled with significant operational
challenges over recent months, not least administering wide-scale payment
holidays and a shift to remote-working.
- A surge in borrower demand over the past couple of months has created
additional challenges. Firms have been competing less aggressively in parts of
the market such as higher LTVs, as a way of managing new lending pipelines,
maintaining customer service standards and controlling risk in the face of
economic uncertainties.
- Significant numbers of mortgage borrowers who opted to defer their mortgage
payments have already resumed their normal monthly payments, and this bodes
well for the numbers in genuine financial distress that are likely to need ongoing
forbearance.
Impact of coronavirus on UK housing and mortgage market
Rob Thomas
IMLA Mortgage Market Tracker, Q2 2020
IMLA Market Briefing – June 2020: Key developments in the housing and mortgage markets
Bob Pannell
- The strong pick-up in activity that has followed the re-opening of England’s
housing market has surprised on the upside, but seems likely to dissipate over
the coming months as households become more cautious in the face of business
failures and higher unemployment.
- The housing and mortgage markets are unlikely to be shielded from the
economic damage resulting from the Covid-19 pandemic, although fresh
concerted action by the Government should help to limit the adverse impacts.
- Lenders’ credit risk appetites will shrink back as we go through a period of house
price weakness and jobs uncertainty. Higher deposit requirements may mean
that would-be first-time buyers see little benefit from any house price falls.
- The financial sector is resilient and well-placed to handle an expected increase in
mortgage arrears and possessions from historically low levels and to support new
lending when market conditions improve.
Mortgage Market Tracker, Q1 2020
First time buyers: is the growth sustainable?
Rob Thomas
- First time buyer numbers fell back slightly in 2019 to 352,000, but were still 84% above the low of 191,000 recorded in 2008.
- Main drivers of higher first time buyer numbers have been improved affordability as mortgage rates have fallen and lenders’ increased appetite to support this group.
- Longer term context suggests that first time buyer numbers are still disappointing.
- Short-term outlook is highly uncertain due to the coronavirus but longer-term outlook is positive as strong affordability coupled with a large pool of potential first time buyers points to continued growth.
- Lenders need to ensure that the proposed end of Help to Buy equity loans in March 2023 does not create a new constraint on first time buyers of new homes.
- IMLA calls for government to assess the impact of post-financial crisis regulatory changes and consider easing these restrictions to help new home buyers lead the post-Covid recovery.
MHCLG – Consultation on the design and delivery of First Homes. Response by IMLA
IMLA Market Briefing: March 2020 – Key developments in the housing and mortgage markets
Bob Pannell
- We are in every sense in uncharted territory, given the rapid pace of
developments associated with the Covid-19 pandemic and the backwardlooking
nature of market and wider economic indicators.
- The coronavirus outbreak represents an additional headache for the UK
Government, given that it threatens to derail our economy at a time when
global slowdown and the need to adjust to life outside the EU makes the UK
especially vulnerable.
- The UK authorities have responded with a determined and coordinated effort
to pre-empt the challenges that preventative measures will give rise to and to
limit the economic fall-out.
- Mortgage lenders, and financial firms more widely, have been quick to play
their part, offering timely help to households and businesses.
- The next several months will undoubtedly be challenging for the housing and
mortgage markets (and more widely), but, with a solid framework for
damage limitation in place, we can at least be relatively optimistic about the
medium-term.
FCA Call for Input – Open Finance. Response by the Intermediary Mortgage Lenders Association
ICO Direct Marketing Code of Practice: draft Code for consultation. Response by the Intermediary Mortgage Lenders Association
Avoiding peak first-time buyer
Bob Pannell
This article was originally published on 7th February in Mortgage Solutions
Cash in retreat
Bob Pannell
This article was originally published on 28th January in Mortgage Strategy
Mortgage Market Tracker, Q4 2019
The new ‘normal’ – prospects for 2020 and 2021
Rob Thomas
The seventh in our series of annual reports looking at the outlook for the UK mortgage market in the coming year.
Let’s stop bashing landlords
Bob Pannell
This article was originally published on 16th December in Mortgage Solutions
IMLA market briefing: December 2019 – Key developments in the housing and mortgage markets
Bob Pannell
- Concerns about the domestic political situation, economic slowdown and job security have been adversely affecting household sentiment. December’s clear General Election result offers a short-term psychological boost. It is not clear to what extent this will specifically benefit the housing market.
- Negotiations regarding our future trade relationship with the EU are important for the UK’s longer-term prospects and, at this stage, a source of uncertainty.
- The housing market is more or less in a steady state currently, as far as house prices and activity levels are concerned.
- The phasing out of the Help to Buy Equity Loan Scheme from 2021 will loom ever more strongly next year, and it is to be hoped that the forthcoming Budget addresses this issue.
General Election Wishlist
IMLA
Mortgage Market Tracker, Q3 2019
The intergenerational divide in the housing and mortgage markets
Rob Thomas
- Younger generations are struggling to attain the financial security that most of their parents enjoyed
- There has been a marked reduction in homeownership rates among younger households compared to the rates seen in earlier generations
- High house prices is not the main cause of the fall in first time buyer numbers
- The long term cost to consumers of not purchasing a home is extraordinary
- As well as the generational divide we need to remain mindful of the housing divide
- IMLA calls for a cost benefit analysis of the current regulatory regime for mortgages which takes account of the cost to consumers who have failed to enter owner-occupation because of the additional hurdles they face accessing mortgage finance because of tightened regulation.
Brexit and the UK mortgage market
Bob Pannell
- Brexit represents a momentous economic change for the UK and huge uncertainties are associated with it.
- Mortgage lenders hope that our departure from the EU can be an orderly one.
- But the odds of a disorderly no deal Brexit, with adverse short-term consequences for the wider UK economy, have shortened over recent months.
- Policy-makers have extensive tools to mitigate any adverse effects in the housing market and are likely to deploy them.
This article was written for the October 2019 issue of Housing Market Intelligence
MHCLG discussion paper on A New Deal for Renting
MHCLG discussion paper on Making Home Ownership Affordable
IMLA market briefing: September 2019
Bob Pannell
Key developments in the housing and mortgage markets
- The housing market has been relatively resilient in the face of Brexit
uncertainties to date, with most measures indicating slightly higher activity as we
headed into the summer.
- House purchase activity has been underpinned by the strong jobs market,
competitive mortgage deals and slowing house price growth.
- Levels of remortgaging remain high but have begun to ease back following a
lengthy upturn.
- Concerns about the domestic political situation, slowing economy and job
security are adversely affecting household sentiment. The forthcoming Autumn
Budget provides an opportunity for the Government to counter the gathering
economic headwinds.
An Overview of Developments in Digital Strategy
Mortgage Market Tracker, Q2 2019
FOS consultation on Our Future Funding—Response by the Intermediary Mortgage Lenders Association
IMLA
Buy-to-let at a crossroads
Rob Thomas
Consultation Paper (CP 19/14) on Mortgage Customers: proposed changes to responsible lending rules and guidance
Consultation Paper (CP 19/17) on mortgage advice and selling standards
IMLA Market briefing: June 2019
Bob Pannell
- The ongoing recovery of real earnings has helped to offset some of the negative
sentiment arising from Brexit uncertainties. - Housing market activity and property prices are flat, broadly speaking, across
much of the country. First-time buyer numbers continue to rise modestly,
underpinned for the time being by a strong jobs market and competitive
mortgage deals. - Levels of remortgaging are high, but there are early signs of waning borrower
demand and limits to how much more intense competition between mortgage
lenders can be. - The market may enjoy a temporary “Brexit bounce” when the UK agrees a
transition deal with the EU, but market fundamentals may dictate a quieter
period down the track.
Mortgage Market Tracker, Q1 2019
When will landlords push up rents?
Bob Pannell
This article was originally published on 14th May in Mortgage Introducer
Expect more calls for rent controls
Ryan Bembridge
This article was originally published on 14th May in Mortgage Introducer
Supporting older buyers can help repair the housing market
Bob Pannell
This article was originally published on 5th May 2019 in Mortgage Solutions
Last-time buyers: the challenges and opportunities for 55+ home-owners wanting to move home
Bob Pannell
IMLA Market briefing: March 2019
Bob Pannell
- The housing market has not been immune from the wider Brexit uncertainties adversely affecting the UK
- This, together with growing job insecurity, has sapped household confidence and weighed down on housing market activity and property prices
- Mortgage credit terms and availability remain mostly favourable, however, and, once there is a degree of clarity about the UK’s future relationship with the European Union, we could see a bounce-back as pent-up demand is released.
Mortgage Market Tracker, Q4 2018
2019 to be the year of refinancing
Michael Lloyd
This article was originally published on 7th February 2019 in Mortgage Introducer.
The new ‘normal’ — prospects for 2019 and 2020
Rob Thomas
The sixth in our series of annual reports looking at the outlook for the UK mortgage market in the coming year.
Discussion Paper (DP 18/9) on Fair Pricing in Financial Services
Response by the Intermediary Mortgage Lenders Association
Uncertainty is not the same as disaster
Bob Pannell
This article was first published on 19th January in Mortgage Solutions
FCA Consultation Paper CP18/31: Increasing the award limit for the Financial Ombudsman Service
IMLA responds to proposals to increase the FOS award limit.
The technological new frontier: Digitisation in the mortgage market
Rob Thomas
Digitisation and advances in computing power are reshaping numerous industries. In travel, entertainment and retail the structure of the industry and the key providers have been fundamentally altered by the digital revolution. Retail financial services has also seen transformation in products such as current accounts and insurance. In mortgages change has been slower to come but both back office processes and distribution are in the process of being dramatically reshaped.
Why Bank of Mum and Dad needs to grow
Bob Pannell
This article was first published on 5th December in Mortgage Finance Gazette.
Mortgage Market Tracker, Q3 2018
Discussion Paper DP 18/5: On a duty of care and potential alternative approaches
IMLA comments on proposals set out in DP 18/5, and provides responses to specific questions.
Why Stamp Duty relief has not boosted first time buyers
Bob Pannell
This article was first published on 23rd October 2018 in Mortgage Finance Gazette.
Mortgage Market Tracker, Q2 2018
Bridging the gap: Developments in later life lending to an ageing population
Rob Thomas
As homeowners age at a faster rate than the UK population, developments in post-retirement lending are putting a strain on the current model of financial advice, with the need to serve a growing population of older homeowners producing a new generation of mortgage products. In its latest report, IMLA calls on UK financial advisers to break down the silos between pension and mortgage advice, and offer a more holistic service to keep up with the pace of product innovation.
Mortgage Market Tracker, Q1 2018
Mortgage borrowers and higher mortgage rates
Bob Pannell
Bob Pannell looks at the impact of a potential Bank base rate rise this year on mortgage borrowers. Published in Mortgage Finance Gazette: https://www.mortgagefinancegazette.com/uncategorised/mortgage-borrowers-higher-mortgage-rates-06-06-2018/
Base rate rises could weaken market sentiment
Bob Pannell
This article was first published on 21st May 2018 in Mortgage Strategy
Are you ready for GDPR?
A guide to the requirements of the GDPR, which comes into force on 25th May 2018: this guide is designed to be helpful to lenders and intermediaries, and to complement the guidance issued to its members by the AMI.
Are we approaching the limits to lending growth?
Bob Pannell
Bob Pannell discusses how net lending levels serve useful barometer for the underlying health of our mortgage market, as published in Financial Reporter:
http://www.financialreporter.co.uk/features/approaching-the-limits-to-lending-growth.html
IRESS Intermediary Mortgage Survey 2018
The new ‘normal’ – prospects for 2018
Rob Thomas
The fifth in our series of annual reports looking at the outlook for the UK mortgage market in the coming year.
Where next for first-time buyers?
Bob Pannell, Economic Adviser, IMLA
The latest figures confirm that there were about 366,000 first-time buyers in the UK in 2017. This is a positive outcome, in a year when overall property transactions eased back a little. First-time buyers now account for 30% of overall housing market activity.
This article was first published on 26th February 2018 in Mortgage Solutions
Buy to Let under pressure
Rob Thomas
Looks at the impact which a plethora of tax and regulatory changes have had on the buy-to-let mortgage market and the wider implications for the private rented sector.
Mortgage Market Tracker, Q4 2017
Keeping Britain Building: mortgage lending in the new build sector
Rob Thomas
Examines lenders’ increasing confidence in lending on new-build property, together with the impact of the Help to Buy equity loan scheme.
Mortgage Market Tracker, Q3 2017
The rebirth of specialist mortgage lenders
Rob Thomas
Charts the rise, fall and resurgence of specialist lenders and the emergence of “challenger” banks.
The new ‘normal’ — prospects for 2017
Rob Thomas
The fourth in our series of annual reports looking at the outlook for the UK mortgage market in the coming year.
IRESS Intermediary Mortgage Survey 2017
Insights into the changing shape of the lender broker relationship
Rob Thomas
Summarises the views of leading figures from four mortgage intermediary firms and four mortgage lenders about how they see the current state of the intermediary/lender relationship and how this might evolve in the future.
Is the mortgage market working for consumers?
Rob Thomas
Analyses whether the market is delivering appropriate access to credit, together with sufficient competition and transparency for consumers.
Working together
AMI, CML and IMLA
An industry guide to lender and intermediary accountabilities and responsibilities in mortgage sales and servicing: updated to take account of the Mortgage Credit Directive
The politics of a rationed housing market
Rob Thomas
Argues for a more joined-up approach to UK housing policy.
IRESS Intermediary Mortgage Survey 2016
The new ‘normal’ – prospects for 2016
Rob Thomas
The third in our series of annual reports looking at the outlook for the UK mortgage market in the coming year.
The changing face of mortgage distribution
Rob Thomas
Charts the changing pattern of intermediated and direct mortgage business pre-and post- the financial crisis.
Segmenting the UK mortgage market
Rob Thomas
Examines the key issues facing the main segments making up today’s mortgage market: buy-to-let, first-time buyers, home movers, re-mortgagers, lifetime mortgages and further advances.
Regulatory layering: assessing the cumulative impact of new financial regulations
Rob Thomas
Analyses the cost of the regulatory changes brought in following the financial crisis and the impact these have had on the efficiency of the financial system and on the wider economy.
The new ‘normal’ — one year on
Rob Thomas
The second in our series of annual reports looking at the outlook for the UK mortgage market in the coming year.
IRESS Intermediary Mortgage Survey 2015
IMLA member and intermediary surveys — Intermediary Lending Outlook
December 2014–January 2105 research
UK Election 2015 — Criteria for housing and mortgage policy pledges
Summarises the key agendas for the political parties and politicians to address during the election campaign.
MIPRU Simplification
IMLA; CML
Joint response by the Council of Mortgage Lenders and the Intermediary Mortgage Lenders Association to the Financial Conduct Authority Consultation Paper CP 14/28
Financial Conduct Authority Consultation CP 14/20 on the implementation of the Mortgage Credit Directive and the new regime for second charge mortgages
A response by the Intermediary Mortgage Lenders Association
The changing face of non-standard mortgage lending
Rob Thomas
Looks at the impact of the financial crisis on non-standard borrowers: the self-employed, those with adverse credit, those borrowing into retirement and those with complex financial affairs.
Intermediary Mortgage Industry Bulletin: Autumn 2014
IMLA member and intermediary surveys — Intermediary Lending Outlook
Q3 2014 research
The new macro-prudential regime: when and how will the Bank of England intervene?
Rob Thomas and Peter Williams
Examines the housing and mortgage markets and the likelihood of the Bank of England using its new macro-prudential powers to curb the latter.
Working together
AMI, CML and IMLA
An industry guide to lender and intermediary accountabilities and responsibilities in mortgage sales and servicing: updated to take account of the Mortgage Market Review
Reshaping housing tenure in the UK: the role of buy-to-let
Rob Thomas
Analyses the growth in the proportion of private rented sector properties being acquired without a mortgage.
Intermediary Mortgage Industry Bulletin: Spring 2014
What is the new ‘normal’? — Mortgage lending in 2014–15 and the march back to a sustainable market
Rob Thomas
The first in a series of annual reports looking at the outlook for the UK mortgage market in the coming year.
IMLA member and intermediary surveys — Intermediary Lending Outlook
January 2014 research
Intermediary Mortgage Industry Bulletin: Autumn 2013
IMLA member and intermediary surveys — Intermediary Lending Outlook
July 2013 research
Rebalancing the housing and mortgage markets — critical issues
Professor Steve Wilcox
Contributes to the discussion between government and the industry about the future operating basis and assumptions for the UK housing market, and whether current government support for the housing and mortgage markets will move both forward on a stable and sustainable basis.
IMLA summary of “Rebalancing the housing and mortgage markets — critical issues”
IMLA intermediary survey
July 2012
IMLA member survey — The mortgage market in 2013
IMLA intermediary survey
Q4 2011
IMLA member survey — Expectations for the mortgage market by 2016
Working together
AMI, IMLA and CML
An industry guide to lender and intermediary accountabilities and responsibilities in mortgage sales and servicing