Housing affordability

It would appear that none of the parties have made housing affordability a priority within their manifestos. All those young people in rented, have no say if they are suddenly kicked out with only a months notice. Stamp-duty relief is considered to be the answer, but do first time buyers agree?

There is a definite lack of first time buyers at the moment, the lowest it has been for 20 years. This low has coincided with the stamp duty holiday on properties costing up to £ 175,000, which doesn’t look too promising for the latest holiday on properties up to £250,000. Stamp duty may not be the real fly in the ointment.

Banks, as is well highlighted are still not helping the situation. Those who actually manage to pass through the harrowing credit checks, must then choose between a 25% deposit or the eye wateringly high rates.

Part-buy part-rent schemes are welcomed by first time buyers, but there needs to be greater market choice and stronger guarantees. At the moment funding is only on new- builds and the selling process is quite complex.

What really needs to be dealt with is ‘affordability’. The quantity of homes being built needs to increase, the credit given to developers needs to be readily accessible and planning needs to be simplified.

It would be bad news politically for any party to announce that they were to pop the property bubble. Homeowners are always watchful of what each party will bring to the table with regard to the housing market; they want to hear that their major asset is going to rise in value.

First time buyers can only hope that more decisive action will be taken with regard to planning, mortgages, development and expansion of shared ownership. Not too much to ask from a new government.