Regulation by the Financial Services Authority has resulted in a 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 could only be seen as successful if judged in their own terms. Indeed, he says, only recently the Office of the Deputy Prime Minister, in a housing research paper, made the comment: “Most fundamentally the housing system as a whole has not become more robust, responsive and self sustaining.” He went on to say that there have been too many undesirable and unintended consequences as a result of government policies 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, Halifax Intermediaries parent company HBOS also forecasts that there will only be 920,000 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 the possibility of a hard landing is remote. Yes it’s true that there are mixed signals but it looks likely that consumer confidence will recover rapidly. “In the early 1990s lenders pulled Britain through by adapting to sustain the market with neutral and negative equity products. “Since that time, lenders have been innovative in assessing new sources of capital to fund the market. And the rise and rise of mortgage intermediaries has been key to improving access and choice for borrowers. “Intermediary distribution has facilitated new entrants and successful third party administrators such as Homeloan Management.”
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Property expert Phil Spencer will be giving a series of free seminars on the First Active Mortgages stand at the Ideal Home Show, Earls Court, London on Friday October 7 and Saturday October 8He will be offering insight on the current housing market and how to add value to your house, as well as offering […]
Attendees to the Mortgage Business Expo dont believe there will be an increase in advisers giving up their directly authorised status.When asked whether they expected to see more advisers moving from directly authorised to appointed representative status over 58% of registered Expo attendees say no.Over 3,250 registered Expo attendees were polled, of those 1,356 say […]
eConveyancer, the online system for instructing conveyancers owned by the United Group, is to be made available to Mortgage Promotions brokers throughout the country.eConveyancer provides intermediaries with an online service to select and instruct a conveyancer on behalf of their client and then monitor the conveyancers progress thereafter. The system, which is accessible via the […]
Consumers are not happy with advertising highlighting lower interest rates says the later Moneyfacts.co.uk online user survey.55% of consumers who took part in the survey say they feel they have been misled by an advert offering a headline grabbing interest rate. 16% of consumers have made an official complaint about a financial services company and […]
On 16 September, Health Shield and six other health cash plan providers — Westfield, Engage Mutual, Simply Health, Birmingham Hospital Saturday Fund, Medicash and Hospital Saturday Fund — will come together to participate in the Cash Plan Provider Golf Day.
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