Firms join forces on housing market recovery plan

May 10, 2020 by Brendan O'Neill

Property Market

Three major companies have joined forces to produce a plan to help the UK housing market bounce back from the coronavirus pandemic, and are urging the government to endorse it.

This plan has been put together by Simplify, Mortgage Advice Bureau and Landmark Information Group and it consists of four different stages. The companies have contacted Robert Jenrick, the housing secretary, with details of the plan in the hope that he will adopt it. The aim behind it is to ensure that the housing market springs back into life quickly when the current lockdown ends and that it is protected until it regains its former momentum.

The four stages of the plan are to make sure that the housing market is among the first sectors permitted to reopen under a staggered lockdown exit and that a ‘safe move’ is clearly defined; make sure that lenders honour mortgage loans where they can for anyone who had begun a house move prior to the lockdown; help the sector bounce back more quickly via fiscal stimulus; and extend the Job Retention programme to include home move firms to enable them to recover lost income.

Speaking to Financial Reporter, Ben Thompson from Mortgage Advice Bureau said:

“We need a truly joined up approach that recognises that all those working across our sector must be able to operate again, co-ordinating seamlessly, in order for the market to recover.”

Mortgage advisors who have done the CeMAP course required by the industry must also be included in recovery plans.