IMLA: Gov't must maintain balance between ownership and PRS

The government must maintain the balance between home ownership and the private rental sector (PRS) in 2022, according to The Intermediary Mortgage Lenders Association (IMLA).

The recommendation is part of IMLA’s 2022 Mortgage Market Manifesto, which identified key areas of focus for the market this year, calling on the government and the industry to work together.

This included affordability issues for first-time buyers, the green agenda, and buy-to-let.

According to IMLA, government focus on balancing the need for affordable housing for first-time-buyers against the vital role played by the private rental sector will be essential in maintaining the sector’s trajectory throughout 2021, especially following the increased numbers of landlords buying property during the 2021 stamp duty holiday.

The manifesto set out a list of priorities for 2022, including addressing the imbalance of housing supply, reassessing the current affordability and stress testing criteria and incentivising the green agenda.

Kate Davies, executive director of IMLA, said: “Despite – and in some cases as a result of – the continuing COVID-19 pandemic, 2021 remained a very busy year for the housing market. Amid this ongoing demand, there are still plenty of areas we need to focus on to support the market, and ensure it is accessible to borrowers across the country from a range of backgrounds.

“Our housing market needs a long-term vision, and one which is co-ordinated across government and the wider industry.

"And it is paramount that this vision is underpinned by a strategy to address the pressing issues we are facing.

"For example, we don’t just need more homes – we need more homes of the right design, which are energy efficient and serviced by appropriate infrastructure such as roads, schools and hospitals.

“Our latest manifesto identifies the key areas that we believe should be a focus for the mortgage market and the Government in the year ahead.”