First-time buyers 'need more houses'

16-Apr-2009

Building more houses "is the only way" for first-time buyers to afford to step onto the property ladder, according to the Federation of Master Builders (FMB).

Peter O'Connell, policy manager at the FMB, said: "The rate of house building has to increase massively."

He added that together with greater lending from banks, creating a greater supply of properties was the only way that houses would become affordable for young people and first-time buyers.

According to the Homes and Communities Agency, there has been a 12 per cent increase in the number of housing professionals who believe more young buyers will be able to buy a home when the crisis eases.

But data from the Royal Institution of Chartered Surveyors (Rics) suggested that the housing market is already improving.

The figures showed that there was an increase in the number of new buyer inquiries in March for the fifth consecutive month.

Ian Perry, spokesperson for Rics, said that although accessibility for first-time buyers would remain difficult, there could be positive signs of stabilisation in the next few months.

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