A survey conducted by YouGov and released by the UK's Council of Mortgage Lending has revealed that more than six out of 10 people believe that the government should intervene more to make it easier for first-time home buyers.
In addition, 88% of the people surveyed believe that it now more difficult than ever before for young people to buy their first house; 99% expressed concern at the level of debt young people now accumulate at an earlier age; and 78% of respondents think that something should be done to make it easier for young people to buy their first home.
The majority of the respondents claim that responsibility to ease the concerns should be given to the government, followed by local authorities and then mortgage lenders.
While the CML recognizes the potential distortions that fresh intervention can create, we do think that the government needs to act. There is immediate scope to reform the current framework for stamp duty on residential properties, remarked Bob Pannell, Council of Mortgage Lending (CML) head of research. The government is clearly undermining its own efforts to help would-be home-owners when a quarter of first-time buyers in London are forced to pay higher rates of stamp duty. We urge the chancellor to address this in his forthcoming pre-budget statement.