Housing and the credit crunch evidence session

01 June 2009

Communities and Local Government Committee questions witnesses, including Housing Minister Margaret Beckett, about the impact of the credit crunch on housing. Watch from 4.30 pm

Last autumn, the Committee undertook a brief inquiry into the Government’s response to the effect of the credit crunch on its housing policies. Its Housing and the Credit Crunch report was published on 24 February 2009. The Government response to the Housing and the Credit Crunch report (pdf) was received by the Committee in May.

The Committee considered the likely effectiveness of the measures which the Department for Communities and Local Government is taking to deal with the credit crunch, with particular reference to:

  • achievement of the Government’s housebuilding targets, both for market and for social housing
  • the financial viability and ongoing business of housing associations
  • measures to help existing and prospective homeowners affected by the credit crunch

It concluded that:

"The credit crunch is still evolving, and the impact it will have on the housing market in the coming months is not yet known. We intend to return to this subject later in 2009 to see how effective the Government’s initial response has been."

The Committee has now decided to hold another evidence session to re-examine these issues. It has not invited further written submissions. Witnesses include:

From 4.30 pm

  • Council of Mortgage Lenders: Michael Coogan, Director General
  • National Housing Federation: David Orr, Chief Executive
  • Home Builders Federation: John Stewart, Director of Economic Affairs
  • Intermediary Mortgage Lenders Association: John Heron, Deputy Chairman, IMLA

From 5.30 pm

  • Communities and Local Government: Margaret Beckett MP, Minister for Housing
  • Richard McCarthy, Director General, Housing and Planning
  • Homes and Communities Agency: Sir Bob Kerslake, Chief Executive
  • Tenant Services Authority: Peter Marsh, Chief Executive

Image: iStockphoto

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