'Game on' for first time buyers

10-Nov-2008

It is "game on" for the government in terms of providing financial assistance to first time buyers (FTBs).

As reported by the Sunday Mirror, Labour MP and foreign secretary David Miliband told the BBC that the government will be providing more assistance to FTBs in response to economic conditions.

The money will focus on winter fuel allowance and tax credit increases, according to the newspaper.

Mr Miliband told the BBC: "There's a sense of game on, game on ... [as we] react to the international and domestic economy."

His comments came after new research by Spicerhaart Financial Services showed that more Britons on modest incomes purchased their first home during the last four months.

The number of people earning less than £40,000 who bought their first home increased by 16 per cent, the study found.

Some 43 per cent of FTBs borrowed three times their salary or less, compared to 33 per cent in the first four months of the year, the survey also revealed.

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