In terms of what the mortgage market needs from a new government, there are three pieces of advice I would give.

 

More certainty and less interference in the housing market 

Firstly, to stop interfering with the housing market by creating schemes like Help to Buy and shared equity that are not really resolving the fundamental structural issues with the market. Unless you change the imbalance between supply and demand, these schemes will not do any real good or have any long-term impact.

Secondly, it’s essential we have a housing minister that lasts over a year.

It was like musical chairs with the last government, and if we want an enduring plan to solve the problems facing this sector, we need a minister who is in place long enough to achieve something. 

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And thirdly, to talk to and listen to the industry about what needs fixing at a structural level. The problems aren’t simply about access to mortgage finance; we have a major housing crisis that’s been brewing for the last 30 years and that can only be addressed if the government works directly with the industry. In simple terms, we need more housing of all kinds. 

 

How the government can help 

In terms of how a new government can support the housing sector, two things need addressing in my opinion.

Firstly, the planning system needs fixing. Year upon year, we’ve seen the government’s inability to build anything approaching a reasonable amount of housing. The Town and Country Planning Act is due serious reform that instead of putting the onus on ‘why you can’t build’, reverses the emphasis to ‘you can build unless…’

Secondly, social housing provision is seriously needed, and we can’t rely on private landlords and developers to provide this. A way must be found to fund a building programme that provides long-term affordable housing in significant volume, and I’m not referring to shared ownership, as that doesn’t cut it.

The biggest challenge is how big a mandate any incoming government thinks it has for tackling some of the major housing issues and what priority housing has on its agenda. To address the fundamental shortage of property, there is an inevitable battle with the NIMBYs and conservationists.

To date, every government has steered clear of this, but it needs to be addressed.

There are, of course, other clear secondary issues around the skills shortage and how we fund the provision of social housing, and any government who wants to support the housing sector will need to be creative in finding solutions to these broad issues.

Housing plays a crucial part in a strong economy, both on a national and local scale, and so a transformation plan in this area is essential for whichever party wins.

Be it through stamp duty reform, prioritising affordable housing, or tackling runaway renting costs, it is clear that voters are going to want to see a genuine commitment from politicians to finally resolve the housing crisis facing this country.