"Too little, too late" for gov't housing measures

09-Sep-2008

The government has left its new housing measures too late, according to one expert.

Ian Boden-Smyth, PR spokesman for The UK Insolvency Helpline, says the problem lies with the government not lending money to first-time buyers (FTBs) itself.

"What there needs to be is some type of deposit scheme, that the government would allow the FTBs to have, and maybe claw that money back from income tax and PAYE contributions," the expert suggests as a possible solution.

Offering subsidies for deposits may also be an option, he adds, as lenders often want a deposit of between 25 and 30 per cent, with FTBs only able to put down ten per cent.

Money could be regained from national insurance contributions, Mr Boden-Smyth concludes.

September 2nd saw the introduction of the government's HomeBuy Direct scheme, which is designed to help up to 10,000 first-time buyers into affordable homeownership over the next two years.

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