CBI chief calls for housing market boost

Friday, 30 September 2011 12:00 AM

The head of Britain’s main business organisation has called for extra government help to boost the housing market.

John Cridland, director-general of the Confederation of British Industry (CBI), said last night that ‘now is the time to stop the stagnation and get the housing market flowing again’.

Ahead of the government’s autumn statement on spending at the end of November, he called for a new form of mortgage indemnity guarantee to reduce the risk of higher loan to value mortgages.

“One way this could be done would be through a deal between mortgage providers and house builders. There could also be a role for government to step in with some very focused support to bridge the gap.”

He said first-time buyers should be allowed to access savings locked up in their pension schemes to get on the property ladder. “Members of company schemes could borrow money from their own pension pot at a low cost, paying the loan back through their salary at any time during their working life.”

And he called for further exploration of shared ownership. “It was successful during the Thatcher years and a new 21st century model of ownership could make a difference.”

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Friday, 30 September 2011 12:00 AM

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