IMLA comments on the Autumn Statement for Mortgage Solutions’ Marketwatch
Peter Williams, Executive Director of the Intermediary Mortgage Lenders Association (IMLA), outlines IMLA’s wish list for Autumn Statement :
“IMLA welcomes the government’s recent restatement of housing policy towards a more balanced approach to tenure. Policymakers have favoured home ownership over renting and the buy-to-let sector in recent years, which has risked deterring popular investment opportunities and damaging the capacity to grow private renting in response to market demand. With that in mind, it would be positive to see the Chancellor announce that the potentially damaging changes to tax relief will be delayed or reversed. While IMLA supports boosting home ownership to meet the very obvious unmet demand, the tools policymakers have so far used to try and achieve this have been overly focussed on constraining the rented sector.
“The lack of housing supply has been a major issue for some time, and IMLA hopes the Chancellor will announce significant measures to combat this in the Autumn Statement. While it is imperative that the government builds more homes, IMLA would also welcome a more innovative approach to overcoming the lack of supply. In order to boost homeownership, policymakers would be wise to examine how they might support both first-time buyers buying and older homeowners’ downsizing by boosting liquidity in the housing market through further adjustments to Stamp Duty. In short, it would be encouraging to see the government manage the housing crisis with a joined-up approach that takes the needs of the whole market into account.
“IMLA also hopes that the Chancellor addresses some of the challenges caused by ever growing regulation of the mortgage market. Mortgage lenders are absolutely committed to supporting an increase in housing supply and greater homeownership, but they are being confronted by multiple layers of regulation which hinder both innovation and responding to under-served market niches. IMLA and the industry would therefore welcome a fully independent review of market regulation and its effect on lending.
“Above all else, IMLA would welcome Philip Hammond outlining a sensible and flexible approach to housing policy in his debut Autumn Statement next month. It is imperative that policy is joined-up across different markets, and takes regional variations into account.”
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For further information please contact:
Will Muir, Barney McCarthy – Instinctif Partners
Tel: 0207 427 1429 / 05
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 unites 34 banks, building societies and specialist lenders responsible for over £180bn of annual lending across all distribution channels in 2015, including 16 of the top 20 UK mortgage lenders.
IMLA provides a unique, democratic forum where intermediary lenders can work together with industry, regulators and government on initiatives to support a stable and inclusive mortgage market. Originally founded in 1988, IMLA has close working relationships with key stakeholders including the Association of Mortgage Intermediaries (AMI), Council of Mortgage Lenders (CML) and Financial Conduct Authority (FCA).
Visit www.imla.org.uk/IMLA to view the full list of IMLA members and associate members and learn more about IMLA’s work.