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Artificial measures 'are not helpful to first-time buyers'

21-Sep-2009

Schemes designed to prop up the housing market may not benefit those purchasing their first property, it has been claimed.

PricedOut.org.uk suggested there are ways in which to make the housing ladder more secure.

Katy John, spokesperson for the group, which is campaigning for affordable accommodation, said measures such as building more homes and enforcing sensible lending should be implemented.

Furthermore, taxes should be increased on multiple home ownership and tenants' rights should be improved.

Ms John's comments come in response to a new project initiated by James Caan, a Dragon's Den entrepreneur, which offers interest-free loans to first-time buyers.

She claimed the scheme will do little to help people attaining their first mortgage.

"Whilst it is important that people - particularly first-time buyers wishing to buy their first home - are able to borrow enough to buy what is within their means, artificial measures to prop the market itself up are not at all helpful for [them]," she remarked.

Mr Caan's new website, Look4Aproperty.com, allows people buying a property through the site an interest-free loan of up to £50,000 to pay for stamp duty and legal costs.

FirstRungNow.com - how to buy a house, from finding your first flat or first house, first time buyer mortgages, shared ownership, buying with friends, gifted deposit, part buy part rent - all a first time buyer could possibly need.

Mortgage advice: Fixed-rate home loan fees on increaseMortgage advice: Buy before end of 2009 to avoid stamp dutyBuy-to-let market 'may be difficult for first-time buyers'
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Interest rates are low but could rise? Is this a good time to buy?

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