Evolving property market requires 'holistic' approach
The government needs to take a more holistic approach to matters relating to home ownership and letting, it has been claimed.
Issuing its latest assessment of the UK property market, the Council of Mortgage Lenders (CML) said that 'housing careers' have changed over the past 25 years and that officials must keep on top of the evolving needs of consumers.
The report noted that affordability is now a crucial factor for the vast majority of prospective homeowners and is largely responsible for the growth of new products such as joint mortgages.
Conversely, the expansion of wealth in certain sectors of the economy has driven up the buying power of many investors and led to a thriving buy-to-let market, which is now primed to meet the needs of people who are unable to get on the property ladder.
Expounding on its call for a holistic approach to the market, the CML report states: "A good starting point would be to focus on policies delivering an adequate supply of high-quality housing units, assisting the mobility of households within and between tenures and an equality of treatment for those in need regardless of their tenure."
Published 4th March, 2008
© 2008 Estates IT Limited
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The government needs to take a more holistic approach to matters relating to home ownership and letting, it has been claimed.