For the Government, empowering first-time buyers is one of the simplest ways to unlock private investment, accelerate construction and move closer to national housing targets. There are multiple levers available. New equity loan schemes, Government-backed deposit support or mortgage schemes would bridge the affordability gap, particularly in London where the need is greatest. We were pleased to see the FCA announce a major overhaul of the mortgage market earlier this week – improving first-time buyer access to finance – but this is only at the consultation stage and more needs to be done. Any intervention should be simple, predictable and long-term – enabling buyers and builders to plan ahead together.
