2 days to go! At the Welsh Lender Event, Paul Broadhead (BSA) will share insights on the housing market, regulation & support for first-time buyers.

My name is Paul Broadhead and I’ve been head of mortgages and housing at the BSA since November 2008. My role covers all aspects of Mortgage Policy, representing our members on the design of government schemes, working with regulators and politicians to ensure that central proposals deliver their intended outcomes. These are often designed to support more first-time buyers move from the rental sector into home ownership.

I’m looking forward to speaking at the Welsh lenders event in Swansea where I’ll be covering the economy, consumer sentiment in the housing market, the opportunity for regulatory change and government intervention.

All these topics are intertwined, as research from the BSA has found that a huge proportion of would-be first-time buyers have been unable to fulfil their dream of homeownership in the timeframe they had expected. 59% of renters aged 25-44, the typical age range for buying a first home, say they expected to own a home by this point in their life but haven’t managed to do so.

Most of this age group want to be homeowners, and the proportion is growing. Today only 8% of renters have no aspiration to buy their own home.

In Wales 69% of people think affordability of mortgage repayments is a barrier to property purchase compared to 60% in England. Lack of job security is also a concern for 30% compared to 26% in England. This demonstrates the need to focus on both housing supply and regulatory reform. Since the financial crisis the regulatory pendulum has swung too far in favour of financial stability versus the societal benefits of home ownership.

Recent moves from the regulators including clarification of stress-test rules and flexibility around LTI flow limits will help but more needs to be done.

Regulators have their role to play and are engaging over the summer of what more can be done to support first-time buyers but it is vital that the Welsh government steps up to the plate to deliver the much need supply of affordable homes across Wales.