A call on Government to help first time buyers

A recent poll (commissioned by the Council of Mortgage Lenders) has shown that more than 60% of British adults believe the Government needs to do more to help young people get on the housing ladder.

The results indicate that more than half of respondents agreed that it is now "more difficult than ever before" for young people to buy their first home.

Nearly all expressed concern over the level of debt young people now take on at an earlier age, while 78% said something should be done to make it easier for first-time buyers.

When asked their opinion on who should be providing assistance almost 80% of those who said action needed to be taken said the Government should be doing more, while 61% said mortgage lenders should help by lowering payments at the start of a loan, or allowing repayments over a longer period.

The examples they cited for the Government’s way to help include the abolition of stamp duty, the introduction of subsidies for first-time buyers, and the reintroduction of mortgage tax relief.

The head of research at the Council of Mortgage Lenders states,"These results confirm that first-time buyer affordability is a major concern to people, whatever their own personal situation.

"While lenders have a continuing part to play in helping borrowers, most people believe the Government needs to do more and should use tax breaks and subsidies to ease current affordability problems."