The Building Societies Association has called on all political parties to support new measures to help first-time buyers onto the property ladder.
Paul Broadhead, head of mortgage policy at the BSA, said he welcomed proposals put forward by Chancellor George Osborne to help people buy their first home, but expressed a hope that the forthcoming election would not derail these plans.
He said: “We call on all political parties to commit to supporting the reforms to savings interest tax and helping first-time buyers onto the property ladder.”
Mr Broadhead’s comments came after the Budget announcement that the first £1,000 of interest earned on savings would be tax-free and that a help-to-buy Isa for first-time buyers would be introduced.
He said the BSA would work with the government and political parties to ensure the best outcomes from these policy ideas.
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James Carter, principal of London-based Independent James, said: “The measures should be supported, it is crucial to assist first-time buyers. They are the foundation of a healthy market. Anything that can be done to encourage them without trying to stretch their affordability and help them save for a deposit is good. The increase of the tax allowance can also help people with their deposit.”
