Rics: First time buyers need more affordable homes

22-Sep-2006

Breaking First Time Buyer News from FirstRungNow: The government has been urged to increase its level of housing stock to improve access to the market for first time buyers, according to experts.

The Royal Institution of Chartered Surveyors (Rics), the regulatory body for chartered and technical surveyors, has claimed that the government needs to initiate schemes to improve the levels of affordable homes available to first time buyers.

Otherwise first time buyers and people on low and middle incomes will continue to struggle to access the housing market, the organisation suggests.

"If the housing market is to become more accessible, lenders must continue to offer generous funding levels and the government should, out of necessity, promote a significant increase in the housing stock," Rics senior economist David Stubbs said.

He indicated that the pressures of finding a deposit and meeting increased energy costs will continue to create a "have and have-not property society".

Earlier this year, the government outlined a plan to support first time buyers to buy properties.

The strategy aims to provide information through home information packs and to provide stronger redress against estate agents.

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