Nationwide calls on government for more support for first-time buyers in autumn statement

manchestereveningnews.co.uk:

Nationwide is calling on the government for greater support for first-time buyers. The building society has said that Jeremy Hunt needs to introduce stronger measures in the upcoming autumn statement in a bid to help more people buy their first home.

Currently is it proving increasingly difficult for first-time buyers to get a foot on the property ladder thanks to sky-high house prices, rising interest rates and the cost of living crisis in recent years.

Nationwide has now suggested that the Chancellor should commission an independent review of the first-time buyer market, as they claim that raising a deposit and affordability are the biggest barriers preventing people from owning their first home. READ MORE: How the autumn statement could affect first-time buyers READ MORE: 'We moved from across the world to Manchester, now we're living in our £487,000 dream home' They also say that a wider review is needed to 'set out and address the significant challenges facing the sector' which includes the gap between income growth and house price growth, inadequate supply and the need for planning reforms and the impact of regulations on mortgage lending.

One of the main measures that the building society suggests is the re-introduction of Help to Buy ISA. Nationwide says: "Given the success of the previous Help to Buy ISA, Nationwide wants the government to reintroduce it and increase the amount that can be saved per month from £200 to £500. "It would also like to see a proportionate increase in the redeemable bonus in line with house prices.