CML: Sixty years on - how times have changed!
Thursday, 31 May 2012
3:32 PM
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.
Bernard Clarke
Council of Mortgage Lenders
0207 438 8923
website: www.cml.org.uk
www.twitter.com/cmlpressoffice
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
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Governments always resort to yet another first-time buyer initiative that risks stoking people's expectations of homeownership.
Falling home ownership rates and a 20% increase in rents over the next five years are likely without government action on housing, a report has warned.
Older people should be encouraged to downsize in order to help solve Britain's housing crisis, according to a new report out today.
Ministers are promising their new housing scheme will allow 100,000 people to get on the property ladder to buy their 'dream home'.
The Queen praised the "tolerance" of Britain in a speech to both Houses of Parliament today, as a specially-made stained glass window was unveiled to celebrate her Diamond Jubilee.
Read the Queen's speech to both Houses of Parliament in full on politics.co.uk.
Prime minister David Cameron summarises the new housing strategy in his speech to the CBI conference:
Here's the chancellor's Mansion House address, in which he announces details of new measures to boost the liquidity of Britain's banks and inject money into the 'real economy, in full:
How appropriate it is that this weekend's Diamond Jubilee celebrations are something of a damp squib - a very fair reflection of our attitudes to the monarchy question.
After it had all wrapped up, David Cameron was asked whether he thought the Diamond Jubilee bank holiday would prove good news for the next quarter's GDP figures. "Not good for the economy," he replied, "but good for the soul".
