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Mortgage article 5:CML Cymru Chairman Calls for Local Authorities to Work Together

30 May 2002

Local authorities need to work together to encourage private finance when they are given new powers for the use of loans, alongside grants, for home improvements according to CML Cymru.

Speaking at a CML Cymru dinner in Swansea last night Glyn Taylor, chairman of CML Cymru, welcomed the opportunity for lenders to contribute to improving the 8.5% of homes in Wales classified as "unfit". He said "Lenders are willing to be involved but we would ask that local authorities work together to develop solutions. It would be very difficult for lenders to be involved with 22 local authorities and 22 different solutions."

Mr Taylor also highlighted the importance of financial services to the Welsh economy. CML members alone currently have some 23.3 billion of mortgage loans outstanding in Wales. In the UK as a whole, housing contributes 13.6% of gross domestic product.

Mr Taylor was speaking at a dinner hosted by CML Cymru at the  Swansea Marriot Hotel, which brought together senior housing figures from the National Assembly,  local government, housing associations and other organisations.  Guests included Andrew Davies AM, Minister for Economic Development,  John Bader, head of the housing division of the National Assembly,  and Ms Vivienne Sugar, chief executive of Swansea City Council.
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