Top stories this week *Bank of England maintain Bank Rate at 5.0% *HIPs first day marketing exemption extended Top stories this weekBank of England maintain Bank Rate at 5.0%....read moreHIPs first day marketing exemption extended.....read moreQuick Links Economic NewsGovernment NewsIndustry News Event Economic News Bank of England Maintains Bank Rate at 5.0%The Bank of England's Monetary Policy Committee yesterday voted to maintain the official Bank Rate paid on commercial bank reserves at 5.0%.The next rate decision is due on 5th June.HBF issued a statement earlier this week calling for interest rates to be cut by 0.5% to help prevent the housing market downturn impacting on the wider economy. HBF believes that an interest rate cut, allied to the £50Bn 'special liquidity scheme' package announced last month by the Bank of England, and additional measures from the Government such as a stamp duty holiday would help restore both lender and buyer confidence and get some fluidity back in to the housing market. View full HBF press releaseStewart Baseley appeared on Channel Four News on Thursday lunchtime to discuss the Interest Rate decisionListen againto topThe Council of Mortgage Lenders was unsurprised by today's MPC decision to keep rates on hold at 5%. Michael Coogan, CML Director General commented:"We understand the conflict between slowing economic growth and rising inflationary pressures, and the uncertainty over some of the data reflected in the split views of MPC members last month. However, the MPC had an opportunity to act to anticipate the worsening economic environment today, and it is disappointing that there has been no change. "Mortgage and housing market conditions will remain challenging for the rest of this year, but the majority of existing borrowers are coping well. Anyone who is in financial difficulty, or thinks they may have a problem in the future, should contact their lender or a debt adviser. The earlier you make contact, preferably before you have any arrears, the more options may be available to resolve the financial problem." to topBovis Homes announce statement commenting on financial performance and outlookBovis Homes published the following interim management statement (prior to their AGM on 6 May) commenting on the financial performance of the Group for the period from 1 January to 6 May 2008 and on the outlook for the current financial year. View press releaseConsumer Confidence continues to fall according to NationwideThe latest Consumer Confidence Index from Nationwide reports that confidence levels in April were at the lowest level since May 2004 (when the Index was first published): -60% of consumers believe now is a bad time to make a major purchase such as a house or car Only 17% of people think the current economic situation is good - less than half of the level that thought the economy was in good shape before the credit crunch and Northern Rock issues arose (36%) Consumers expect house prices to decrease by -1.7% over the coming six months View full reportto topGovernment NewsHIPs first day marketing exemption extended The planned end of the first day marketing exemption for home information packs (HIPs), scheduled for the beginning of June, has been put back to the end of the year the Government announced yesterday. Under the exemption, while all sellers have been required to have ordered a pack prior to putting a home on the market, they did not have a completed pack to commence marketing. The exemption was due to have ceased on June 1 2008. The delay was announced as part of a series of new measures relating to HIPs including: developing a new set of standards with industry on what consumers should expect from property professionals in the home buying and selling process; further building on the quality of information in the packs and working with industry to ensure that consumers are fully seeing and benefiting from the HIP, including the EPC, early in the process.View the full CLG statementto topNAEA supports measures to improve the industryPeter Bolton King, Chief Executive, National Association of Estate Agents (NAEA), made the following comment following the Government announcement on HIPs: "Whilst we are disappointed about the decision on first day marketing we welcome the Minister's decision to work with property professionals like the NAEA to take another look at the content of HIPs. We have always maintained that in their present state, they are of little use to either seller or buyer and therefore we embrace the opportunity to come up with a package that includes real benefits to the customer and will actually assist the buying and selling process - after all, that was the original intention of this legislation. If this cannot be achieved we continue to maintain that HIPs should be scrapped.View full releaseEnglish Partnerships announces new scheme to benefit home buildersEnglish Partnerships has announced plans to develop a new pre-qualification scheme under EU law aimed at making it quicker and easier for developers to bid for its sites. HBF has for some time been pressing EP to simplify its current costly procedures and, more recently, has proposed to Government that EP might help the industry maintain production during the current difficult market conditions.The proposed scheme - expected to be in place for sites marketed from October - will allow developers to supply pre-qualification information required under EU law on a one-off basis, rather than site by site. While individual site opportunities will continue to be advertised openly, developers accepted into the scheme will be able to ‘short-circuit' the current process by submitting reduced levels of information when bidding for English Partnerships' sites.John Walker, Chief Executive of English Partnerships said: "This move is a rationalisation of the way we do business, making our procurement process swifter and more cost effective. More importantly, it will speed up our decision making process by significantly reducing the administrative burden for both us and for house builders."EP is seeking comments on the details from the industryMore informationto topThames Gateway major new packageImproving the quality of life for residents and creating a sense of community is at the heart of a new £237million package of measures to reinvigorate eight areas in the London Thames Gateway. The Housing Minister Caroline Flint announced that that over the next three years, around 7,900 new jobs will be created and 8,200 new homes built by creating the right conditions for investment. The London Thames Gateway Development Corporation (LTGDC) will drive forward the plan for regeneration in eight key areas; Canning Town, Lea River Park, Olympic Arc, Bromley-by-Bow, and the London Riverside areas of Barking Town, London Riverside Parklands, South Dagenham and Rainham Village.More informationto topIndustry News CPRE have released a report stating that 'Green Belt loss is a daily reality despite Government pledges' The report claims that there has been significant loss of Green Belt land since 1997 and more is planned, despite the stated commitment of the Prime Minister to robustly protect it.The Campaign to Protect Rural England says that over 1,100 hectares of Green Belt have been lost each year since 1997 and at least 45,240 homes - equivalent to a city the size of Bath - have been built on Green Belt land since 1997. More Onlineto topEvent NewsThe Housing Crisis, Innovation or Speculation? Houses of Parliament debate - 19th MayA distinguished panel of leading industry speakers, MP's and Peer's will exchange views and focus on the real issues behind the Government's call for more affordable houses in a debate in the Houses of Parliament.This is a whole day event, with lunch and finishes with a networking cocktail party. Keynote speakers include Sir Robert Kerslake, Chairman of the Homes and Communities Agency and Caroline Flint MP plus other leading industry figures from the public and private sector (see full programme).Andrew Whitaker, Head of Planning, HBF will be speaking during the morning session.Download the full programme and booking formWater: Regulation changes and the Code - Practical SolutionsTuesday 15 July, Thinktank, BirminghamThe Government is seeking a major step change in water efficiency in new homes.This seminar will examine the proposals enshrined in the amended Building Regulations Part G which are set to be issued for consultation in the spring, as well as the water aspects of the Code for Sustainable Homes and ways of securing maximum points to achieve higher Code levels. Available to book on line at www.hbmedia.co.uk to topHBF Yorkshire Social - Friday 16 May Oulton Hall, LeedsDownload a booking form or alternatively contact the events team on 020 7960 1646 or email events@hbmedia.comHBF South West Ball - Saturday 7 June Beaufort Polo Club, TetburyDownload a booking form or alternatively contact the events team on 020 7960 1646 or email events@hbmedia.com For other HBF events visit the website http://www.hbf.co.uk/index.php?id=eventsandmeetingsFor HBM events visit http://www.hbmedia.co.uk/ to topJo WestonView Previous Weekly News Summary
