Press Room
Long Term Help For First Time Buyers Needed
The government should focus on providing long term help for first time buyers, campaign group PricedOut has said, as simply increasing access to credit will not solve the underlying problems.
Katy John, press officer for PricedOut.co.uk, said the availability of mortgages is "only part of the picture", although first time buyers are still encouraged to save as much as possible to get the best deal when buying property.
"The government needs to focus on the longer term objectives of building more houses, continuing with its planning reforms to free up more land to build on, and ensuring that they learn from the mistakes made during the last house price boom," she added.
This week, the Council of Mortgage Lenders said the number of loans approved to first time buyers fell by two per cent in July, while the total value of loans approved to this group increased by five per cent.
Meanwhile, the average loan-to-value of a first time buyer mortgage remained at 80 per cent.
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Article date: 9/14/2011 12:00:00 AM