Govt 'failing' prospective homeowners
The government is falling short of its commitment to first-time buyers, it has been suggested.
Firstrung, a company that specialises in delivering homes to first-time buyers, has said that new measures such as the government's Open Market HomeBuy scheme are of virtually no benefit.
"I think it's a drop in the ocean," commented the firm's chief executive, Paul Holmes.
Alluding to the supposed £1,500 grants the scheme entails, Mr Holmes explained: "This isn't a grant but merely a small discount off the preferred government developments. So what you are in fact getting is a discount of about point five per cent off of the value of an overpriced property."
He went on to complain that first-time buyers had largely been ignored during the speculative housing boom of the 1990's, which he said was "built on nothing but credit".
"What first-time buyers want is the [house price] correction that a lot of them anticipated," Mr Holmes concluded. "If the government now steps in, it's not to help first-time buyers, it is to protect the housing market."
Published 14th April, 2008
© 2008 Estates IT Limited
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The government is falling short of its commitment to first-time buyers, it has been suggested.