CML: Commission ‘should shelve White Paper plans’

Plans to integrate European Union housing markets should be shelved, according to one industry body.

In news that may be of interest to those looking to buy or sell a house in Scotland, the Council of Mortgage Lenders (CML) has called upon the European Commission to postpone its proposals put forward in a White Paper in December.

According to the CML, housing market conditions have changed so much in recent months that "it would make no sense" to proceed.

"Proposals to further the integration of markets are unlikely to produce net benefits in the present climate," said Andrew Heywood, deputy head of policy at the CML.

Based on the research of expert groups, the commission published its White Paper that detailed issues of mortgage funding and consumer protection, with a view to providing a balanced series of measures to improve the competitiveness of housing markets.