As 2023 draws to a close, MPowered Mortgages has shared its wish list for the mortgage market in 2024.
These wishes encompass a range of industry and policy improvements aimed at enhancing the mortgage and housing sectors.
The lender’s Christmas-themed wish list includes:
- A stable housing minister to effectively address ongoing challenges.
- A more effective Help to Buy ISA to aid first-time buyers in saving substantial deposits.
- Affordability criteria that remain stable despite interest rate fluctuations.
- Stamp Duty reform to encourage downsizing and address the housing crisis.
- Resolution of long-awaited leasehold reforms.
- Reforms in planning laws to facilitate the construction of new homes.
- Practical green initiatives for homeowners and landlords.
- An integrated approach to housing, energy, and transport policies.
- Coherent policies for landlords, renters, and social housing.
- Minimising direct government intervention in the market.
- Regulation of house builders to prevent profiteering.
- Investment in key trades skills to support building initiatives.
Peter Stimson, head of product at MPowered Mortgages, commented on the importance of building on the industry’s progress in 2023: “Ensuring that 2024 builds on the revival of the industry in 2023 is pivotal for both businesses, brokers and consumers.
“Steps must be taken internally, from all stakeholders, to ensure that the market thrives without Government intervention in 2024. This will give the industry and housebuyers a firm foundation in which to operate on.
“Industry issues such as planning law and green initiatives must continue to stay at the fore, whilst the ongoing challenges with affordability must continue to be worked on by lenders and governance.
“The process of home ownership is at a crossroads, with affordability and access remaining a challenge, but innovation in the housebuying process at an all-time high.
“Lenders must work with governmental bodies and brokers to ensure that the industry continues to put legislation and services in place to allow more people on to the housing ladder.”
