View more on these topics

Regulation had zero effect on UK housing, says Halifax

Regulation by the Financial Services Authority has produced zero contribution to a sustainable housing market, and if anything has worked against it, says Halifax.

Speaking in Monte Carlo, Alan Cleary director of Halifax Intermediaries, told delegates that individual government policies had only been successful if judged in their own terms.

Indeed, he says, only recently the Office of the Deputy Prime Minister, in its housing research paper 214, made the comment: “Most fundamentally the housing system as a whole has not become more robust, responsive and self sustaining.”

He went onto say that there have been too many undesirable and unintended consequences as a result of government policy which could be seen as an unsophisticated series of trade offs.

FSA mortgage regulation, he says, has made zero contribution to a sustainable housing market.

Worryingly, HBOS has also forecasted that there will only be 0.920 million property transactions this year the first time that the figure has fallen below the million mark “in a long time.”

But Cleary says: “We still believe that the possibility of a hard landing is remote. Yes its true that there are mixed signs but it looks likely that consumer confidence will recover rapidly.”

Recommended

Money Partners appointment

Money Partners has appointed Jim Nash as national sales manager. Nash will be responsible for managing Money Partners’ teams of key account managers and account development managers.

Batchelor scoops personality award

Guy Batchelor, sales and marketing director at Platform, scooped industry personality of the year last week at the Pink Home Loans Service Awards 2005, held for the third year running at the Birmingham Botanical Gardens. Batchelor beat off stiff competition from Linda Will, managing director of Accord Mortgages, who claimed the runner-up prize. Mehrdad Yousefi, […]

Revaluation postponed

The government has postponed a Council Tax homes revaluation in England until 2007. David Miliband, minister of communities and local government, says: “We need a clear and complete picture of what we want local government to do before we tackle how it will be funded.”

Buy-to-let landlords in for the long haul

A quarter of all buy-to-let landlords entered the market in the last twelve months, the latest quarterly Association of Residential Letting Agents Review and Index of the Private Rented Sector has revealed. The research has been supported by the ARLA panel of mortgage lenders, who are: Birmingham Midshires, GMAC Residential Funding, NatWest Mortgage Services, Paragon […]

Newsletter

News and expert analysis straight to your inbox

Sign up