“There is still a woeful supply of affordable housing and it seems like we have been trying to address this ever since I first started working in this market,” said Brodie, who has been in the financial services industry for more than 25 years.
“I think we really need to think about this differently and try a new approach, rather than doing the same thing time and again, hoping for a different outcome.”
He told Mortgage Introducer: “We have to address our supply issue. The cost of housing is becoming more and more unobtainable for people. I have three daughters who all live in London and getting on the housing ladder is extremely hard, only compounded by rapidly increasing rents.
“This is why we will offer a product to help the Bank of Mum and Dad support first-time buyers – the mortgage market needs new borrowers for it to prosper.”
How is the housing market faring?
Brodie commented that he is not a great supporter of government intervention as “short-term measures to win votes often have unintended consequences”, but he considers the market overall is improving.