Opinion Former Article

CML: What's happening in English housing?

Owner-occupiers spend, on average, less of their income on housing even than social housing tenants. That was one of the surprising findings from the English Housing Survey. No doubt the affordability of home-ownership is one reason for its enduring popularity, confirmed by the survey. Today’s issue takes a look at its latest findings.

One cost of home-ownership that remains unaffordable for many is the size of a deposit. We therefore welcome an encouraging start for NewBuy, under which it’s possible to buy with a 5% deposit. A slow start for the scheme was always expected, but there are now more than 600 reservations – and momentum is building as we move towards the autumn home-buying season.

Finally, we look at separate conveyancing for lenders and borrowers. In some instances, there are good reasons for it – but not in most cases. We are therefore opposed to the suggestion that it should be used for all transactions in Scotland.

To see all the stories in full, go to the latest issue of CML News & Views.

Bernard Clarke
Council of Mortgage Lenders
tel: 0207 438 8923
website: www.cml.org.uk

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