Call for more help for first time buyers

17-Jun-2005

Latest figures suggest the housing market is gradually getting back on track, but more could be done to help first time buyers get on the first rung of the property ladder.

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The National Association of Estate Agents (NAEA) has shown that the level of sales agreed has returned to almost the same level as this time last year.

However, it is urging the Monitory Policy Committee (MPC) to consider reducing interest rates when they meet in July to help raise overall confidence amongst potential buyers, especially first-timers.

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"It is encouraging to see that the sale of residential property has risen and returned to a similar level as the same time last year," commented the president of the NAEA, Chris Hall.

But he pointed out that it was still not great news for first-timers: "The fact that interest rates are still not lowered could hold the housing market back."

Mr Hall highlighted how important property is to people and that they "place far more emphasis on what is going on…than the Bank of England realises".

According to the firm if interest rates were dropped, first time buyers might gain some confidence to purchase properties, without feeling they need to "exercise extraordinary levels of caution".

NAEA revealed that recent decisions to increase the stamp duty threshold has helped some first time buyers, particularly those in the north of England.

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