First-time buyers 'need help from government'

Date:Thursday 15th April 2010
Author: Susanna Kavka

The government should support first-time buyers, as it will help the housing market recover, says one industry expert.

Research officer at Metropolitan Home Ownership Rebecca Roberts-Hughes claimed that the strategy should be for more investment to be given to tried and tested schemes that help people buy affordable housing.

She explained that complexity and novelty may not be the right way to attract lenders and borrowers, particularly during times of economic uncertainty.

Ms Roberts-Hughes remarked: "The new shared ownership lease will encourage lenders, but we need to see more support for the intermediate market from both government and lenders."

In her view, many people are currently realising that they cannot afford to buy the first home outright and seeing that there are many good quality properties available on shared ownership schemes.

It was announced this week by FindaProperty.com that the average property in April is £218,475, which is 2.3 per cent higher than the same month in 2009.