The regulatory fallout from the financial crisis means the UK’s status as a nation of homeowners may be permanently downsized, according to a new report from the Intermediary Mortgage Lenders Association (IMLA).
Rebalancing the housing and mortgage markets – critical issues looks at the radical changes in the domestic housing and mortgage markets following the downturn, and questions the long-term impact of new UK and European regulations. It calls for urgent dialogue between government and industry to address issues including:
- the inability of the current market to meet UK consumers’ home owning ambitions
- the threat of regulatory interventions to future lending volumes and product innovation
- the need to tackle gaps in published government thinking and unite disjointed initiatives in an overarching housing strategy.
The IMLA report was authored by Professor Steve Wilcox at the University of York’s Centre for Housing Policy with input from members of IMLA including banks, building societies and specialist lenders. IMLA members account for around 70 per cent of mortgage lending through intermediaries.
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