MP wants government strategy to refocus the property market on people buying homes for the very first time. There have been some recent changes, but despite these recent changes, the property market is in favor of buy to let investment, which is a big disadvantage for home buyers. There have been step;s taken through the government’s Help to Buy schemes, but that is not enough. Young people need more help and they are getting less help.
Key Takeaways:
- UK real estate continues to favor the leasing market over the first-time homeowner buyer.
- One mortgage adviser advocates not charging first-time home-buyers Stamp Duty as an incentive to get more UK citizens on the property-buying ladder.
- While the government’s initiative, its Help to Buy schemes, have been a boon, most agree more must happen to achieve a level playing field for all property buyers.
“Elphicke said property ownership in the 16 to 24-year-old age group had fallen from 23% in 2001, to less than 10% today. He also said that property ownership had almost halved in the same period for 25 to 34-year-olds.”