Government urged to take US-style housing action

25-Jul-2008

The government has been urged to follow the lead of the US by introducing a 'housing rescue plan' to help first-time buyers.

Peter Bolton King, the chief executive of the National Association of Estate Agents, acknowledged that the UK would require "different solutions" than those across the pond to ease pressure and ensure the housing situation does not get worse.

"The first thing the government could do is introduce a tax break, such as abolishing stamp duty for first-time buyers and moving the thresholds up to ease pressure throughout the whole housing market," he remarked.

"In addition, the Bank of England needs to pump more liquidity into the mortgage markets to ensure people are able to find funding for mortgages," he continued.

Mr Bolton King also singled out a blueprint drawn up by the Council of Mortgage Lenders to address funding problems in the mortgage market.

One scheme already earmarked for development by housing minister Caroline Flint is a Rent to Home Buy pilot initiative, aimed at first-time buyers in England who earn less than £60,000.

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