The Council of Mortgage Lenders has created a short video highlighting its election manifesto, which is aimed at political parties ahead of the forthcoming General Election.
The CML manifesto sets out the challenges to be addressed in delivering effective housing solutions for the future – not just for homeowners but those in the rented sector too.
Paul Smee, director general of the CML, said: “The mortgage market is a £1.2 trillion industry, and housing a key electoral issue. 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.
“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.”
The Council of Mortgage Lenders published “A housing market to be proud of” last year giving a lender’s perspective on what actions need to be taken to tackle the most important problems facing the housing market today.
Focusing on the needs of “the old, the young, and the in-betweeners”, the CML recommended:
- Creating a comprehensive house-building plan to increase the supply of housing in all tenures;
- The promotion of shared equity/shared ownership as a permanent tenure;
- Addressing the regulatory stumbling blocks that relate to lending into retirement;
- Promoting better pathways between the mainstream mortgage market, lifetime mortgages, and downsizing;
- Ensuring new housing supply fully reflects the needs and aspirations of an ageing population;
- Identifying any unintended consequences of regulation on credit-worthy mortgage holders;
- Working with industry to develop a more effective safety net against the risk of change in household circumstances; and
- Making sure that policies affecting all tenures (such as welfare reform) are holistic and align with private sector markets.
