Experts: Homebuy scheme needs improvement

19-Jul-2006

A recent National Audit Office report has criticised the government's Homebuy scheme, stating that it needs to be improved to help more first time buyers onto the first rung of the property ladder.

A total of 60,000 applications were made for the scheme last year, while only 11,000 first time buyers received help buying a property.

In addition, the National Housing Federation (NHF) has called for the government to boost spending on affordable housing for first time buyers.

David Orr, chief executive of the NHF, said: "With house price inflation outpacing wage inflation throughout the country, much greater public investment is needed in low-cost home ownership and affordable rented accommodation."

A spokesperson for housing charity Shelter also maintained that more affordable housing is needed.

"By creating more potential homeowners without substantially increasing the amount of homes available, government is creating a 'black hole' of further house price inflation which will cancel out its own investment," the spokesperson affirmed.

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