The Government’s proposal to help first time buyers to the tune of £250m sounds like a good idea in principle, and we broadly welcome any initiative which attempts to pump-prime the market. However, it will only help if banks start lending effectively again and if public confidence increases.
The issue of finding a large deposit is one barrier to entering the housing market but the risk of losing your job and the soaring cost of living are also a major factors that are deterring people from buying. Whilst we would never endorse a return to irresponsible lending, the market in the North West and beyond needs more than token cash injections – it needs a sustainable plan to be put in place that actively encourages development for maximum long term benefit coupled with realistic lending policies from the banks.
Mark’s comment was included in a Place North West article on Budget Day. To read the full piece please click here: