Mis-sold Mortgage Claims > Mortgage News
First-time buyers get a kick start supported by the BSA
Thu, 17 Feb 2011
At the First-Time Buyer industry summit on 15 February 2011 which was chaired by Housing Minister, Grant Shapps, the Building Societies Association (BSA) was one of the main industry bodies representing the mortgage and housing sectors.

Head of Mortgage Policy at the BSA, Paul Broadhead took the opportunity to state that it is not just the shortage of funding for mortgages that is causing difficulties in the housing market for first-time buyers. The point was also made that any initiatives which focussed purely on first-time buyers, without a sufficient increase in new house building, was likely to increase house prices .

He commented. "There have been increasing affordability issues in recent years as house prices outstripped earnings growth. There are also demand side factors to consider such as volatile house prices and job insecurity which continue to make potential first-time buyers nervous."

The BSA also believes, "The meeting could be the start of a process that re-examines and re-evaluates the housing market and that bringing industry and government bodies together in one room has kick-started the process."

It did, however, urge caution against the meeting being viewed as an immediate solution to all the issues faced by first-time buyers.
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