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Radical action is needed to turn around a slump in the number of people able realise their home owning dream, according to the Building Societies Association.
The Building Societies Association has called for radical housing reform to halt the decline in home ownership as the number of outstanding owner-occupier mortgages is down by two million from its 2002 peak. First-time buyers are increasingly reliant on the Bank of Mum and Dad and on combining two incomes in order to
Finance industry leaders are demanding radical moves to help first time buyers who are facing the worst time to buy a home in 70 years. (Stock Image)
The government’s mortgage guarantee scheme accounts for just over 1.5% of all home loan completions since it was launched in 2021, according to official figures. The plan, which mainly helps first-time buyers with 5% deposits to buy a home, has been used in 39,253 mortgage deals since it was introduced in April
The scheme, introduced in 2021, helps first-time buyers take out a mortgage with a five per cent deposit on homes worth up to £600,000.