If the property market is going to remain stable it needs to stand on firm foundations and a fundamental element of that is a functioning first time buyer market.
This is according to Coventry Building Society head of intermediary relationships Jonathan Stinton.
“Every new buyer who steps onto the property ladder will give it added strength and stability – without new buyers the ladder would be top heavy and volatile”.
Referring specifically to the Autumn Statement due next week he added:
“The chancellor shouldn’t neglect to help those looking to step onto the ladder, and the aim should be building long term stability. Previous incentives have all had an end date and certain caveats, and it’s questionable how helpful they’ve been in the long term – what we really need is something which gives certainty and is geared up to be an integral part of the market”.
Stinton insists that helping first time buyers with their home should mean helping first time buyers with any home – buyers shouldn’t be restricted to certain property types to get support.
“It’s up to the chancellor to decide what that support looks like, but let’s hope he’s learned from past mistakes and delivers something the whole of the property market can stand firm on.”
