Housing Market Needs Government Boos, Claims CBI
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At the North-East Annual Dinner for CBI, the UK's top business lobbying organisation, director-general John Cridland has called for boosting activity in the housing and construction sectors to open up opportunities for first time buyers and those looking to move up the property ladder.
“Owning a home has been a natural aspiration for generations of Britons since the 1950s,” Cridland said. “It has never been easy but after this recession, the high cost of property, strict lending rules and the need to save substantial deposits has put home ownership out of reach for all but the lucky few.
“As we have seen, without a steady stream of eager first-time buyers the housing market stagnates and our whole economy suffers.”
According to the Council of Mortgage Lenders 36,200 first time buyers bought homes in the first three months of this year, a drop of 7,400 since the same period last year. The average age for home buyers without parental assistance is 37 years old, according to the National Housing Federation, and is expected to rise.
“Now is the time to stop the stagnation and get the housing market flowing again,” Cridland said. “The CBI wants to see a revitalised Mortgage Indemnity Guarantee, to reduce the risk of higher loan to value mortgages. One way this could be done would be through a deal between mortgage providers and house builders. There could also be a role for government to step in with some very focused support to bridge the gap.”
Cridland went on to say that; “I want to see the Chancellor use his autumn statement on 29 November to jump-start the housing market.
“A determined attack on the major blockers of finance and planning could transform the outlook of a generation of young people and provide a huge fillip to consumer and business confidence.”
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