Commenting on the Budget’s first-time buyer initiative, Robin King, Director of Move with Us believes this will have a positive impact on the property market:
“At last the chancellor has woken up and listened to thousands of families, nationwide, who are struggling to realize their dreams and get onto the property ladder. The more money that the Government can encourage to be pumped into the property market the better for all of us. Introducing the Firstbuy direct scheme is a step closer to reducing the first-time buyer crisis and should ultimately help to stimulate the housing market.
“But the jury will be out on whether this new initiative from the Chancellor will be sufficient to really move the market forward, bearing in mind it affects only one part of the market and these people will still need to be assessed for loans. At the end of the day, lenders will still hold the keys to unlocking growth in the wider market and we are disappointed that the Chancellor has not tackled lending practices.
“We’re calling for a return of traditional-style bank manager interviews which focus on detailed risk assessment of someone’s ability to repay the loan, which will open up higher loan-to-value mortgage products to those who are a good credit risk. There are many people in the marketplace who could be good borrowers. Lenders should be able to support these borrowers.”
To speak to Robin, please contact:
Sarah Evans Toyne / Neema Patel / Lianne Robinson, Broadgate Mainland on 020 7726 6111 or email movewithus@broadgatemainland.com
';