Ishaan Malhi: The government needs to help first-time buyers in tomorrow’s statement
Ahead of tomorrow’s Spring statement, Ishaan Malhi, chief executive and founder of online broker Trussle, has urged the government to do more to help first-time buyers get onto the property ladder.
In the last Budget in November Chancellor Phillip Hammond cut stamp duty for first-time buyers for properties under £300,000, something Malhi praised.
But he went on to say that the government needs to up housebuilding levels and introducing more innovative policies to address affordability issues.
He said: “In the last two decades, there’s been a seismic shift in homeownership in the UK. For young adults on average incomes, the new landscape looks a little bleak.
“These squeezed millennials have seen the average house price rise seven times faster than their income. An astonishing statistic which shows just why homeownership has collapsed among this age group.”
He added: “The recent changes to stamp duty rules should offer some hope for those striving to get on the ladder.
“But the government needs to go much further if we’re to have any chance of balancing the scales again for young adults.
“It’s no secret that we need more investment in housebuilding to increase the supply of affordable homes.
“But we also need more forward-thinking, innovative policies to address the challenges of affordability and space in the UK’s cities.
“The government has pumped a lot of money into demand side policies, but we must see firmer action on the supply side, if we’re to house the next generation.”