'It is undoubtedly the case that the demand for mortgage finance would be lower if the provision of tax relief was reduced,' said the report.

The clearing bands are amongst the major providers of mortgage finance.

He took classes over a two-month period on mortgage finance and other aspects of home ownership.

"Improving access to mortgage finance may have been a social benefit worth paying for in the past," the report said.

He practiced law and worked in real estate and mortgage finance.

It added that the market was continuing to be held back by a lack of mortgage finance.

Stevens has more than 30 years as an executive in mortgage finance, sales, acquisition, investment, risk management and regulatory oversight.

House prices will also continue to fall, fed by weak demand and scarce mortgage finance.

The remaining members are associates working in closely related fields within the housing industry such as mortgage finance and building products and services.

Still, the bank showed weakness in trading and in mortgage finance, previously areas of strength for the company.