HBF calls for more mortgages for first-time buyers

Date:Tuesday 7th December 2010
Author: Susanna Kavka

More mortgages need to be made available to first-time buyers, according to a source from the Home Builders Federation (HBF).

Steve Turner, head of communications at the institution, suggested the number of properties constructed would rise significantly if there were more home finance arrangements being offered and a functional planning system was introduced.

"If those two are addressed then we will see more homes delivered, because we know there is huge demand," he said.

Mr Turner suggested the main reason for the historically low level of residential property construction currently taking place is the lack of mortgage availability across the board.

In his opinion, local economies would also be improved if a greater number of homes are constructed, since such work delivers employment opportunities.

This week, the Construction Products Association predicted that industry output in the building sector is likely to drop by two per cent in 2011 compared to 2010 and this trend is likely to continue the following year.