Dragon 'may not help first-time buyers'
Dragon's Den entrepreneur James Caan and Look4Aproperty.com have joined forces to offer a new interest-free property loan, but could this help first-time buyers take their initial steps on the property ladder?
The scheme allows anyone purchasing a property through the website to access funds of up to £50,000 to pay stamp duty costs and legal fees.
However, Katy John, spokesperson for PricedOut.org.uk, said the initiative was unlikely to significantly help such buyers.
Indeed, people may still find that property to rent in Shoreditch continues to be a more affordable option than buying a London home.
In order to help first-time buyers, Ms John said that "more needs to be done to address the underlying issues including; building more homes, enforcing sensible lending [and] improving tenants' rights for those who can't afford their own homes".
She added that Mr Caan's scheme was an artificial measure to prop up the housing market and "not at all helpful".
Written by Ben Carter
Published 21st September, 2009
© 2009 Estates IT Limited
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An entrepreneur from the BBC's Dragons' Den has launched a new loan scheme, but one commentator claims it may not help first-time buyers.