Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-09-10-Speech-2-027-000"
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"en.20130910.8.2-027-000"2
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"Mr President, investing in a property is the single largest financial decision that most people will ever make in their lives, but property markets in Europe vary very widely. In Hungary, Estonia, and Bulgaria I believe nine out of 10 people own their own houses; in Germany it is less than half. We cannot have a one-size-fits-all set of rules across Europe for home ownership. And European legislation can have unnecessary unintended consequences. Earlier drafts of this legislation would have completely shut down the UK private rental market – that is five million households in the UK. Now, 150 amendments and three years later, with help from people from other countries, I have stopped that battle. I would say that colleagues from other UK parties have been completely invisible in trying to protect these residents’ interests in this discussion.
I know that many people in Europe were badly treated by banks in the run-up to the crisis. There was irresponsible information, incorrect information, sometimes misleading information, and I am not opposed to efforts to try and give people better information, but we do not need a very rigid key information package for people, because fundamentally most people want to buy homes in the place that they want to live and they are not trying to compare offers across borders. I think we could have done more of this by looking at best practice through equivalence regimes and not having this rigid package. It will, I am afraid, add more costs for the lenders and these will again be passed on to consumers. Many households are still struggling with their household bills, with their mortgage payments, and first-time buyers are struggling to get a foot in the market. I am afraid I am not as positive as some others about needing this directive in the first place. I think we have to protect consumers but we do not need a one-size-fits-all approach to home ownership in Europe."@en1
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