24 Nov

NAEA Welcomes Support for First-Time Buyers

The National Association of Estate Agents welcomed the Government’s announcement of plans to support first-time buyers with a mortgage indemnity scheme.

Peter Bolton King, Chief Executive of the NAEA, said: “The NAEA has consistently called on the Government to support first-time buyers and address the issue of mortgage finance. We’re pleased that the Government has listened to those buyers who are frozen out of the housing market.

“However, there is still more that can be done to bring stability to the housing market and support first-time buyers who are struggling to secure large deposits.

“NAEA figures show that, despite reported increases in mortgage approvals by the larger UK banks over the course of 2011, there is still a lending barrier facing those entering the housing market for the first time. To address this, the Government could ensure that banks are given clearer incentives to offer mortgage finance to the UK’s embattled first-time buyers.

“The £400 million fiscal stimulus for new homes announced on Monday will also help improve supply in the UK housing market, and I hope this will help the whole property market.”

 


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