Council of Mortgage Lenders calls for greater first time buyer support

06 December 2006
Over 60 per cent of people believe that the government should be making a greater effort to help young people take their fest step up the property ladder, according to a new survey by a leading lending organisation.

The Council of Mortgage Lenders (CML) survey, conducted by YouGov, found that six out of ten people supported greater government help for first time buyers.

The survey also found that over 50 per cent of people believe it is more difficult than ever for younger buyers to get their first home.

One of the most striking findings was that 99 per cent of the poll thought that the levels of debt that young people face at an earlier age than ever before was of great concern.

When it comes to possible solutions, 79 per cent of people think the government should act to help young buyers, 66 per cent think it is the job of local authorities and 61 per cent believe that mortgage lenders should offer assistance.

The CML's Bob Pannell said: "These results confirm that first time buyer affordability is a major concern to people, whatever their own personal situation.

"While the CML recognises the potential distortions that fresh intervention can create, we do think that the government needs to act."

Among the possible changes that could make a difference, a revision of the current framework for Stamp Duty on residential properties, particularly in areas of high property prices like London, could give young buyers a boost.

For more information about first time buyer mortgages, click here.

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