Rics welcomes savings scheme for FTBs

25-Nov-2008

A savings scheme to encourage first time buyers (FTBs) to build up funds for a mortgagedeposit has been welcomed by the Royal Institution of Chartered Surveyors (Rics).

Simon Rubinsohn, chief economist at the group, commented on the tax-relieved savings scheme unveiled by chancellor Alistair Darling in his pre-budget report (PBR).

Rics has called for such a policy to help FTBs save for a deposit on their first mortgage and the scheme should utilise the existing individual savings account structure by allowing use of the full £7,200 savings limit, as well as being supported by an additional government contribution, Mr Rubinsohn said.

"A savings scheme is essential to ensure buyers save responsibly for a deposit and do not need mortgages with high loan-to-value ratios," he added.

However, the PBR has not signalled any move by the government to alter its existing stamp duty policies, which Mr Rubinsohn said was a "missed opportunity".

A survey of property experts by the National Association of Estate Agents earlier this month found that 54 per cent were not confident in the government's attempts - at the time - to revive the UK housing market.

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