Our Managing Director, Sarah Thompson, has shared her thoughts on today's Autumn Statement:
“Today's Autumn Statement announcement has left homeowners, especially first-time buyers, underwhelmed. The extension of the mortgage guarantee scheme for 95% LTV mortgage products by an additional 18 months, while providing banks and building societies with more confidence, offers limited practical impact for actual homebuyers.
"For first-time buyers, the situation continues to be challenging. Considerations such as additional support packages, were missing in today’s statement.
"Proposals like including a new type of savings account for housing deposits, Nationwide's call for an independent review of the first-time buyer market, reintroducing the Help to Buy ISA with increased savings limits deposit and suggestions like increasing property price caps on ISAs and introducing new savings products align with the core issue – the difficulty in accumulating a substantial deposit.
"The Government's focus on extending the mortgage guarantee scheme, while beneficial, doesn't address the larger problem of affordability and the high cost of deposits. This announcement seems inadequate in the face of high-interest rates and escalating house prices. They fail to address the key issue of the high barrier to entry for first-time buyers. More robust and targeted interventions are needed to make a meaningful impact in these areas.”