11 May

New government 'should help first-time property buyers'

New government 'should help first-time property buyers'

When the new government is formed, it should implement measures to assist first-time property buyers, it has been suggested.

According to Paul Collins, editor of BuyAssociation.co.uk, such people are the group most in need of help at present.

He recommended changes to stamp duty and an assurance that the financial sector is committed to greater levels of lending.

Mr Collins remarked: "First-time buyers are the group most in need of government help at the moment and without this stream of 'new blood' coming into the market, the rest of the property spectrum will eventually suffer."

The expert went on to say that while no one wants to see a return to a situation like the UK had in the past, whereby those seeking to purchase a home could access mortgages worth 125 per cent of the value of the homes, people should be able to get loan-to-value ratios of around 80 per cent.

His comments come amid confusion at Westminster concerning which parties will group together to form a coalition.

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