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According to a report in Express.co.uk today, Grant Shapps has pledged to help first time buyers on to the property ladder. “Everybody should be able to buy their own home, the new Housing Minister is to announce today.” Click here to view the full report.
He will help property purchasing under the key worker scheme and will also help those in social housing buy their properties. He also intends to try and cut through the ‘red tape’ that seems to be holding first time buyers back from owning their own homes.
Mr Shapps has said that 1.4 million people want to buy their own home, adding: “Another quarter of a million people can afford a mortgage of at least 80 per cent loan-to-valuation, but can’t find a lender.” He will be requesting explanations from lenders as to why this is the case.
Mr Shapps is also expected to address how the Government will reward local authorities for new home building, and giving communities more control over what is actually built in their area.
Only 67.9 per cent of English households own their home, the lowest percentage since 1991, says the Government’s English Housing Survey.
The lending market needs to loosen its lending criteria to enable first time buyers to have a chance at owning their own homes. Many have savings and a reasonable income but simply cannot find a lender which seems absurd. Let’s hope Mr Shapps can actually do something constructive to help people get onto the property ladder rather than just coming up with proposals and schemes that have had little impact on the first time buyer market.