Government 'to help first-time buyers'

Posted: 09 Jun 2010 14:20:58 GMT

First-time buyers could be helped onto the property market in the coming years as the government aims to build a number of new homes.

Housing minister Grant Shapps outlined in his speech to the Royal Institution of Chartered Surveyors that he didn't agree with his predecessor's view that falling levels of homeownership are "not such a bad thing".

Mr Shapps said an estimated 1.4 million households want to own a property but are unable to because of the expense.

He addressed those trying to get into the housing market, saying: "This government will support you, you will not be ignored."

However, in order for the plans to be successful he called on lenders to support creditworthy consumers, while borrowers will have to keep up with payments in return.

Responsible mortgage lending and responsible borrowing are "two sides of the same coin", stated the politician.

The amount of products available to help first-time buyers has increased since July 2009, according to moneysupermarket.com, with more than 3,000 mortgage deals now on the market.


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