Former British Land director Nick Ritblat is set to step down as chairman of the Bank of England’s Residential Property Forum later this year to make way for Andrew Baddeley-Chappell, who left Nationwide Building Society after 25 years earlier this year.
Acting as a conduit between the BoE and the residential property industry, the forum helps to inform the BoE’s understanding of market developments as well as its own policymaking.
Ritblat, who is Sir John Ritblat’s son and served as president of the British Property Federation 10 years ago, was the inaugural chairman of the forum.
His replacement Andrew Baddeley-Chappell, nicknamed ABC, is a well-respected figure in the mortgage market who regularly spoke at industry meetings and events during his career at Nationwide.
On leaving the building society earlier this year, he joked that “after exactly 25 years with Nationwide - the typical life of a mortgage - now is the right time to look for something new.”
The residential property forum was set up on the back of the success of the BoE’s Commercial Property Forum, which is currently chaired by Marc Mogull, founder and managing partner of Benson Elliot.
In a speech to celebrate the 20th anniversary of the Commercial Property Forum in 2013, Andrew Haldane, now the BoE’s chief economist, said it had been “a key source of intelligence for the bank”.
“Since 1997, the forum has helped inform the deliberations of the MPC [Monetary Policy Committee] and, over the past few years, the PRA [Prudential Regulation Authority] and the FPC [Financial Policy Committee],” said Haldane.
“And it was the success of the Forum that led me, three years ago, to set up a parallel Residential Property Forum, chaired by Nick Ritblat.”
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