Chief Executive's blog
A blog written by our Chief Executive, David Montague. Each month David reflects on events at L&Q and in the housing sector, and offers his opinions on current and future events.
About David Montague
David Montague has been chief executive of L&Q since February 2008. He has been with L&Q since 1989 and served as Group Director of Finance before his current appointment.
David is a Fellow of the Association of Chartered Certified Accountants and writes and lectures on social housing and business planning issues.
Every day I read 'good news' stories about the UK housing market – "homebuyers confidence rising", "surveyors optimism at a fourteen year high", "first time buyer numbers at a six year high", "loans get easier" and "prices on the up". Last week the media sighed with relief – the housing market is back in business. Haven't we been here before? Do we really want to go there again?
On Wednesday the Chancellor gave us the bones of his future housing investment plans. Yesterday Danny Alexander and Mark Prisk put some flesh on the bones. Putting all of this together, are we looking at Michelangelo's David or Frankenstein's Monster?
Today at 12.30 the sector waited with baited breath to learn what the Chancellor had in store for us. Like one of those old wartime movies we all sat around the radio in silence, a little nervous that it might be bad news, hopeful that our united call for more homes had been heard.
On the way to work this working I heard the good news that Eurozone finance ministers have agreed terms of a 10 billion Euro bailout deal for Cyprus. But savers will suffer, businesses will suffer and recession is bound to follow. What does this mean for UK affordable housing, and what lessons are there for us?
A confident speech from the Chancellor; the promise of a budget for people who want to work hard and get on. And from the very start, a budget for people who aspire to own their own home.