During his keynote address at The Mortgage Business Expo North today, Paul Broadhead, head of mortgages at the Building Societies Association (BSA), called on the Government to implement a coherent housing strategy.
Analysing the current economic outlook, Broadhead shared his thoughts regarding the volatility that has plagued the mortgage market over the past number of months and how this has altered buyer habits.
According to recent BSA data, worry continues to pervade borrower consciousness, with one in 10 mortgage holders unsure whether they will be able to make their regular mortgage payments over the next six months.
Perhaps more concerningly, this statistic rises to one in five renters, who remain concerned about affording rent.
Broadhead also went on to highlight the current barriers to homeownership faced by first-time buyers across the country,
With recent BSA Property Tracker data highlighting affordability as the central concern when it comes to stepping onto the property ladder, above raising a deposit, Broadhead highlighted increasing reliance upon support from families – or, the Bank of Mum and Dad.
In light of these continual struggles, and the upcoming General Election which will see politicians promise a number of new housing initiatives in order to curry voter favour, Broadhead concluded his keynote speech by calling for a number of policy improvements from Government where housing is concerned.
In a call to action, he said: “I think we need a Government commissioned review of the first-time buyer market.
“Along with a coherent housing strategy from Government, including a robust housebuilding programme.”
He concluded: “The role of the mortgage broker is to make people’s dreams come true, and we need to continue doing that every day.”
