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Support for first-time buyer scheme from Nationwide

26 January 2005
Nationwide Building Society has welcomed Government plans to help tenants in buy a share of their property.

The proposals, which were launched by Deputy Prime Minister John Prescott, will help up to 300,000 people become first-time buyers.

But while it was in support of the spirit of the initiative, Nationwide called on the Government and the mortgage industry to do more for first-time buyers.

Nationwide's executive director, Stuart Bernau, said: "This is a useful first step and, as the UK's leading supplier of funding to Housing Associations, we really welcome the fact that this part of the housing market is getting the sort of attention it deserves.

"However, there is a broader challenge facing the housing market and there are a number of other ways that the government and the financial services industry could help first time buyers."

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