AMI director calls for property market changes

Posted: 12 May 2009 09:56:41 GMT

Property market changes are necessary for the sector to pick up again, according to the director of the Association of Mortgage Intermediaries (AMI).

Robert Sinclair, who recently backed the Bank of England's decision to keep interest rates at 0.5 per cent, urged the government to take note of a paper from his organisation detailing measures that would improve the industry.

Changes that would be beneficial include a tax-free savings account run by National Savings & Investments for those looking to get on the housing ladder, as well as the cancellation of the home information pack (Hip) system.

Hips were introduced in 2007 and have been the source of much controversy and discussion ever since.

Other developments called for by the AMI include the abolishment of stamp duty land tax and the reinvention of mortgage indemnity guarantee.

"The mortgage market requires a concerted effort by government to enable lenders to lend and borrowers to borrow," Mr Sinclair explained.


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