“Becoming a first-time buyer is possibly the most expensive it has been over at least the last 70 years, but a properly functioning housing market is dependent on first-time buyers being able to afford their first home,” said Paul Broadhead (pictured), head of mortgage and housing policy at the Building Societies Association.
“While building societies are creating bespoke, targeted innovations within the current regulatory framework, new thinking and radical changes are needed. There is no silver bullet to increasing first-time homebuyers and it won’t be possible to help everyone who wants to become a homeowner in the current high price-to-income housing market.
“But there are many things that can help to fix the broken housing market. That starts with changes to regulations and support schemes that not only help today’s first-time buyers, but don’t fail future generations.”
The Intermediary Mortgage Lenders’ Association (IMLA) said it fully supports the BSA in its calls for government reforms to assist first-time buyers and address the UK’s housing crisis.
“We welcome the BSA’s timely report on the challenges facing first-time buyers and their recommendations for a government review of the market, regulation and housing policy,” stated Kate Davies, IMLA executive director. “There is a viable argument for government-backed first-time buyer support, which must be accompanied by a sustainable plan to deliver more quality, affordable housing on a major scale, in both the private and social sectors.