UK Government urged to help home buyers
Members of the Royal Institution of Chartered Surveyors (RICS) are urging the Government to extend the NewBuy scheme initiative to include the sale of existing UK properties.
Hundreds of thousands of potential UK property buyers are stuck in rented accommodation unable to take the first step on the property ladder due to the tight restrictions on UK mortgages.
The recently launched NewBuy scheme was introduced to help first time buyers by encouraging lenders to 95 per cent mortgages – but these deals only apply to new build properties. RICS are hoping the government will introduce a similar programme for previously owned properties.
Experts believe this is an opportunity that would allow more first time buyers to join the property ladder and will positively affect the all types of properties across all price brackets.
Property experts agree that without boosting first time buyer numbers the UK property market will struggle to once again get moving.