CML news & views

Was it a coincidence that the Crosby interim review of mortgage finance was published today, just after the Bank of England's latest mortgage approvals data? Perhaps so. But the Bank data gave proof, if proof were needed, of the scale of the recent slide in new mortgage lending, and underpinned the justification for considering the serious levels of market intervention floated in the Crosby report.

We have updated our largest mortgage lender table for the 2007 calendar year. The table is a statement of market activity in 2007 rather than current market position.

While addressing funding shortage remains critical to underpinning the housing market, the government should not lose sight of the fact that it also has an opportunity to reform stamp duty, and in a way that can support home ownership and first-time buyers. The case for action is even more compelling given that the shortfall in revenue from residential stamp duty will be close to £3 billion in the current tax year.

The government's recent Pomeroy Review looked at developments and barriers in the private sector shared equity market and found that shared equity is unlikely to be able to be privately funded, particularly in the current market environment.