While perusing the Western Mail, yesterday an interesting article caught my eye. Phil Spencer, heart-throb to millions, has made several very interesting comments on the subject of first time buyers.
Phil claims that first time buyers should be given financial incentives to ensure the recovery of the nation’s struggling housing market.
He suggests that a grant should be introduced for these new purchasers.
Australia already has this in place; they are allocated a grant to help them gain a step on that proverbial property ladder.
The Australian scheme offers a one- off $7,000 payment as an incentive to offset the cost of the country’s 10% Goods and Services tax.
Phil claims that while there are most certainly increased levels of activity, we are not quite out of the woods yet.
Last year as we are all aware, few people were able to purchase property, banks were simply refusing to lend. Raising a deposit is still a huge factor in lack of activity, first time buyers are the industry’s lifeblood, and we need to give them every assistance in obtaining their first property.
Australia giving their first time buyers this grant towards their first home is keeping their property market moving.
Phil was also at the forefront in 2008, when he lobbied to abolish stamp duty for first time buyers looking to purchase homes costing less than £250,000.
Why penalise these already cash strapped buyers?
We may see a change, depending on the outcome of the forthcoming election.
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