Market activity is what's needed, not rising house prices
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I was pleased to read recently that I am still making readers chuckle with my contributions (Mortgage Strategy, Letters July 5).
Throughout the recession I have done my best to remain positive and enthuse fellow brokers that everything will be OK if we maintain standards and keep believing.
Unfortunately, the letter writer mistook me as saying that rising house prices are needed to help pay off the national debt. This was not my thinking - I was simply stating that more activity in the housing market is what we need.
I’ve long asserted that the housing market makes money for thousands of individuals in numerous trades, and by getting the sector moving again we could generate more money from Stamp Duty, Income Tax, Corporation Tax and even Capital Gains Tax if owners are selling additional properties.
I agree with the writer that lower housing costs allow us to pay more taxes and maintain our standard of living. I also agree that this government is doing a pretty good job. And as an ideas man, I’m constantly thinking of ways to boost activity and keep people working.
Advertisements suggest there will not be enough qualified mortgage brokers when the upturn comes, again leaving the industry exposed to crooks and fraudsters to fill the void. This scares me, as I’m sure it does many other mortgage brokers, lenders and regulators.
So let’s continue to share ideas to keep the good guys trading and protect us all from being seen as bad guys again. Nominal house price rises would be great but market activity is what we need.
ROBERT WINFIELD
MANAGING DIRECTOR
CHARTWELL FUNDING
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