New call to help young on to housing ladder
An influential body has called for the Government to bankroll a pioneering initiative to lift more young people onto the housing ladder.
The Housing & Finance Institute (HFI) says loans should be offered to first time buyers to help them pay the deposit on a property.
Much like student loans, the money could then be repaid as a proportion of salary once the recipient has reached a certain age.
It is among the radical ideas being suggested to increase the number of homeowners by one million by 2033.
Natalie Elphicke, who is the HFI chief executive, said: ““The younger generations face triple difficulty in that they have less access to social housing, less access to home ownership and pay the highest rents compared to their pay.
“We need radical new measures to help the younger generation and to regain a balanced, fair housing market.”
The HFI was established in 2015 with the support of the UK Government, businesses and councils to boost the capacity and delivery of housing.
A recent report, co-written with the housing association Radian, suggests that prospective first-time buyers could be offered a ‘first home deposit tax allowance’ under which the mortgage interest on their repayments could be deducted from tax.
In our area, we are lucky that there is a strong mix of different types of properties, including those suitable for first time buyers.
By all means call in to our office to discuss your requirements, some of the properties currently available and the support on offer.