Government can do more to help local families on to housing ladder
With the launch of the second stage of the Government’s ‘Help to Buy’ Mortgage Guarantee Scheme this week, local MP Andrew George is renewing his call for Ministers to target their support for the ‘intermediate market’ – shared equity, shared ownership and similar homes – which meet the needs of those first-time buyers who would not otherwise get on to the housing ladder.
Mr George said: “The Government’s scheme may only further inflate the lower end of the market, making the situation worse for erstwhile first-time buyers. Whereas shared ownership and shared equity schemes often struggle because lenders don’t like them.
“Extending the Government guarantee to this sector would remove an important impediment from a market which is especially important in areas like Cornwall where the first rung on the full housing market is often far out of reach of local people on local wages.
“Offering a guarantee to lenders in the intermediate market would help Cornwall construct a new lower rung on the housing ladder and help thousands of local families into the housing market. Otherwise I fear our families will lose out.”