Chancellor of the Exchequer John Healey announced more details of the new ‘Your First Home’ scheme and the creation of a First Time Buyer ISA in his Autumn Budget.
Adam Bovingdon, Managing Director – Real Estate Finance – United Trust Bank comments:
“It’s easy to focus on the challenges facing a recovery in the housing market, particularly with inflation remaining stubborn and the prospect of interest rates rising again. However, the Autumn Budget provided some welcome encouragement. The announcement of the new £4.7bn government-backed equity loan scheme – ‘Your First Home’ – alongside support through the First Time Buyer ISA, represents a positive step towards improving affordability and helping more people onto the housing ladder.
“For housebuilders, particularly SME developers, stimulating demand at the lower end of the market is critical to restoring confidence and encouraging investment in new homes. There is clearly more to do, not least around planning and the wider cost of development, but measures that support buyers, improve sales rates and ultimately encourage further housebuilding should be welcomed. A positive step in the right direction.”
