Proposals to lower barriers to home ownership for first time buyers welcomed

A series of reforms and innovations to make it easier for first-time buyers to get onto the property ladder have been published by a group of mortgage advisors.
Overcoming the Challenges Facing UK First Time Buyers calls on lenders, housebuilders, MPs and regulators to work together to find new ways for first time buyers to access mortgages.
Published by the newly formed Industry Panel for Financial Advice (IPFA) and Sesame Bankhall Group (SBG) the White Paper looks at the three main barriers for those looking to buy a home – raising a deposit, affordability pressures and a lack of suitable homes to buy.
The IPFA has proposed five potential solutions to help lower those barriers to home ownership.
These are: protect homes for first-time buyers; launch an industry-wide campaign to raise awareness of Help to Buy alternatives; create intergenerational mortgages; consider new and innovative approaches to high loan-to-value lending; and explore the idea of ‘low-start’ mortgages.
The paper follows confirmation of a planned government review of the mortgage market to help first time-buyers, who are arguably finding it more difficult than ever to become home owners. This is due to a combination of the end of Help to Buy, rapidly rising house prices, the spiralling cost-of-living and economic uncertainty.
Sheldon Bosley Knight’s Evesham residential sales manager, Christian Cloke, said: “We would welcome anything that can be done to help first time buyers get a foothold on the housing ladder.
“At the moment there is a perfect storm of high house prices relative to income, rising inflation and cost of living expenses and a shortage of property which is pushing asking prices upwards. This is making it increasingly difficult for those who aspire to be home owners.
“However, while these proposals are to be welcomed and we will be watching with interest, it is important to note there are still areas in the West Midlands which are great first time buyer territories and where it is possible to buy a home at a price that is under the UK average.
“As ever if any buyer would like more information, help or advice, please pop into any one of our branches for a chat with the  team.”