Monday, November 21, 2011
NAEA WELCOMES SUPPORT FOR FIRST TIME BUYERS
THE National Association of Estate Agents (NAEA) today welcomed
the Government's announcement of plans to support first time buyers
with a mortgage indemnity scheme.
Peter Bolton King, chief executive of the NAEA, said: "The NAEA
has consistently called on the Government to support first time
buyers and address the issue of mortgage finance. We're pleased
that the Government has listened to those buyers who are frozen out
of the housing market.
"However, there is still more that can be done to bring
stability to the housing market and support first time buyers who
are struggling to secure large deposits.
"NAEA figures show that despite reported increases in mortgage
approvals by the larger UK banks over the course of 2011 there is
still a lending barrier facing those entering the housing market
for the first time. To address this Government could ensure that
banks are given clearer incentives to offer mortgage finance to the
UK's embattled first-time buyers.
"The £400m fiscal stimulus for new homes announced today will
also help improve supply in the UK housing market, and I hope this
will help the whole property market."