Mortgages  

Why housing transactions remain below pre-crisis levels

The solution

Can anything be done? Using OBR forecasts, the CML finds little prospect of a rise in the number of mortgaged movers over the next 10 years. As to what can be done, it is equally pessimistic. 

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It argues that any policy focused in isolation on boosting equity, lending, affordability or availability risks having negative effects on one or more of those factors. Moves to increase housing stock or break homebuyer chains could take decades to have a significant impact.

Ultimately, it concludes, these challenges must be tackled based on current circumstances: low interest rates and inflation, high house prices relative to incomes, and an ageing population. 

In the absence of new policies, the CML believes movement among mortgage homeowners will "remain constrained".