IMLA brands “age of aspiration” at odds with reality

Nia Williams

September 17, 2010

Speaking at the trade body’s annual dinner last night, Williams said: “Looking at Shapps’ speech, you’re forced to reflect that that was an utterly aspirational speech. He was setting out what he’d like the world to be but unfortunately the housing and mortgage market that will emerge is very different. It’s simply at odds with reality.”

Shapps delivered the speech to the House of Commons in June, saying that the government “will work every day to help people achieve their aspirations to own their own home. You will not be ignored. The age of aspiration is back”.

But Williams said: “It’s quite clear that the market remains deeply challenging. The battles continue on regulation, competition and funding. We don’t see those being resolved very quickly, indeed on the competition front it’s getting worse rather than better.

“IMLA remains deeply concerned about all the changes that are working through the market, the way that regulation will change it and the ultimate impact on generations to come.”

He added that Lord Turner, chairman of the Financial Services Authority, had called for a political debate around the housing and mortgage markets.

“The reshaping of those markets has huge implications for the structure of society, distribution of wealth, income and opportunity,” Williams said.

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