With the nation about to celebrate the diamond jubilee, we look at what’s happened to mortgage and housing markets in the last 60 years.
In 1952, there were 800 lenders, but they advanced mortgages worth less than £400 million annually. The housing stock has more than doubled, but today’s construction rates are the lowest since records began in 1949. We managed to build almost 250,000 homes in 1952 – but more than 80% were council properties. Despite this, lenders have helped fund a huge post-war expansion of home-ownership, and – over the last 20 years – a revival of the private rented sector.
Today, we also look at mortgage complaints. Regulatory reform and changes in market conditions are triggering different types of complaints, the financial ombudsman says. Consumers are now unhappy about not being able to ‘port’ their mortgage or get a high enough loan-to-value ratio, and about requirements to prove their ability to pay a mortgage in retirement.
To see all the stories in full, go to the latest issue of CML News & Views.
Council of Mortgage Lenders
0207 438 8923
We have a full and busy events schedule in 2012, keeping the mortgage industry up to date with important issues and developments affecting the market. View the full listing of events and book your places at www.cml.org.uk/events