Government 'needs to do more for first-time buyers'

14-Apr-2008

While the Bank of England's interest rate cut is welcomed by the property market, the government still needs to do more to help first-time buyers, an expert has said.

Property conveyancing firm Convex.com, has said that the cut to five per cent is not sufficient to entice first-time buyers back, who are an integral part of the market.

Duncan Samuel, managing director of Convex.com said that the cut may have been enough to bring more young people to mortgage deals, but that tighter lending criteria means it is still hard for first-time buyers to get on the property ladder.

"The combination of lenders withdrawing high loan to value mortgage products and a general feeling that the market has further to fall means first-time buyers are thin on the ground, and at the bottom of almost every chain you need a first-time buyer," he said.

Mr Samuel added that the government should implement further interest rate cuts, as well as addressing stamp duty in order to help first-time buyers.

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