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Don’t abandon first time buyers
The home building industry today urged the Government not to abandon first time buyers by axing crucial home-buying assistance in the Comprehensive Spending Review.
HomeBuy Direct is a partially Government-backed scheme that has helped 10,000 first time buyers onto the property ladder over the last two years. There is widespread concern that its funding won’t be renewed after September this year.
The Home Builders Federation has today submitted evidence to the Treasury detailing the importance of the scheme and its wider economic value. This comes after the Housing Minister, Grant Shapps, committed the Government to helping young people meet their aspirations to own their own home.
HBF also reveals that:
• There are fewer first time buyers now than at any time in the last 35 years
• Nearly a third of men and a fifth of women aged 20-34 now live with their parents
• The average age of an unassisted first time buyer has now reached 37
HBF Executive Chairman Stewart Baseley said: “Ministers have made a commitment to aspiration and we need Government to follow through on that promise. HomeBuy Direct has helped 10,000 first time buyers get a foot on the ladder; scrapping it will move that first rung further away for many more.”
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