But recognising that the FPC was not minded to remove the LTI flow limit, the trade association said the limit could be adjusted to reduce its impact on housing accessibility.

IMLA’s executive director, Kate Davies, says the report has since been shared with the Bank of England, the PRA and the Treasury.

And in April, the BSA published a report that recommends, among other things, a review of the LTI flow limit to focus on first-time buyer support.

“We'll be continuing to meet with regulators of all types,” says Broadhead.

“We meet regularly with the Bank of England, the PRA and the FCA. We will be sitting down with them, potentially with a group of lenders, to talk them through our thoughts and start to think about how some of this might be moved on.

“What we're doing by launching this is starting to say look, we know we need a long-term plan here to support first-time buyers. We've got over half of first-time buyers now taking mortgage loans over 30 years, and those are really, heavily relying on the bank of mum and dad.

“If we need half of first-time buyers needing support from the bank of mum and dad, and those with single incomes just don't stand the chance of purchasing their own home, then we've got a broken system.

“So what we're trying to do here is look at a range of factors, so regulation, what government policy can do, what taxation can do, just to start saying, ‘These are the areas of consideration that we need to look at’. But we need to look at this together as a package and come up with a long-term plan.

“We'll be committed to continuing to campaign on some of these and start to have some real, meaningful conversations about how we can change this to benefit first-time buyers.”

Chloe Cheung is a senior features writer at FT Adviser