Chancellor asked to improve finance for first-time buyers

18-Mar-2009

There could be good news for first-time buyers struggling to get a mortgage, after the chancellor was called on to improve their access to finance.

Alastair Darling was sent a letter today from two of the UK's leading property sector bodies, who offered advice for the budget.

The National Association of Estate Agents (NAEA) and the Association of Residential Letting Agents (ARLA) suggested that improving first-time buyers' access to finance could address the housing slump and help pull the country out of recession.

Another first-time buyer friendly measure suggested was a rethink of Stamp Duty Land Tax.

Peter Bolton King, chief executive of the NAEA, said the government must take immediate action to support the housing market.

Mr Darling promised extra financial support for homeowners in his pre-budget report in November,

Both the NAEA and the ARLA hope Darling will follow their advice when he announces the Budget on April 22nd.

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