Mortgage News
Emergency housing summit – style over substance?
Some people think it’s superficial nonsense, while others believe it can form the basis of a long and meaningful relationship. Whatever your opinion, there is little doubting that there is an awful lot of hype surrounding one day next week and the impact it could have on people’s lives.
Clearly, I’m talking about the day after Valentine’s Day, when housing minister Grant Shapps will chair a housing summit on the crisis facing first-time buyers.
Shapps has been incredibly vocal in airing his concerns about the health of the mortgage market of late and he has won a lot of friends in the industry as a result.
The concept of a summit meeting with representation from lenders and the regulator will certainly make column inches, but will it actually do any good?
Mortgage Solutions has reported that no mortgage lenders have actually been invited, with the CML representing lenders’ views. And CML director general, Michael Coogan, has warned the summit could have little impact as it will focus on the effect of the lack of funding rather than addressing the core funding issues.
It does seem unlikely that such a significant and deep-rooted problem is really going to be solved by one high-profile meeting (which, it is speculated, is only scheduled to last an hour and a half).
Episode 5: Larger Loans and Complex Lending: Powered by Partnership podcast from Newcastle for Intermediaries
Sponsored by Newcastle for Intermediaries
However, maybe that’s not the point. Just as Valentine’s Day encourages symbolic gestures of romance, perhaps the symbolic gesture of this summit will be enough to encourage a more united approach to encouraging first-time buyers back into the market.
As a lender that is committed to innovating and supporting recovery wherever we can, Kensington would certainly sign up to that.
Alex Hammond is PR, brand and communications manager at Kensington