First-time buyers 'need more help' getting onto property ladder

Posted: 22 Sep 2010 09:41:24 GMT

The government needs to do more to help people who are trying to get onto the property ladder, it has been observed.

Managing director of FirstRungNow.com Helen Adams said demand for housing is still high.

"A lot of the time it is very difficult to find a lender who will lend to them. The main problems are that they have to have a very large deposit," she added.

Steps have been taken, but more action is required by officials and reasonable schemes should replace the MyChoice HomeBuy and Open Market HomeBuy initiatives, Ms Adams remarked.

According to the Council of Mortgage Lenders, gross home loan lending fell to an estimated £11.4 billion in August, a drop of 14 per cent from the £13.3 billion seen in July.

It is the lowest level in August since 2000 and lending volumes look set to continue below last year's level, as in 2009 the market was buoyed by the end of the stamp duty holiday.
 

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