Andy Frankish, New Build Director at Mortgage Advice Bureau (MAB), comments on the Queen’s Speech;
“The government’s announcement of the extension of Right to Buy will come as good news to housing association tenants across the country, who have been presented with the opportunity to access the property ladder at very affordable rates. While it is good to see that the government is actively seeking to extend homeownership to those with lower incomes, many with similar levels of pay in the private rental sector may feel at a disadvantage.”
“A bolder step by policymakers would have seen a commitment to ensuring that high loan-to-value (LTV) lending to first time buyers is maintained through the extension of Help to Buy or a similar scheme. Ideally, this would have meant the government working with lenders to find the best means to boost homeownership.”
“The pledge to take forward Right to Build, which will see the government ensuring that local authorities support custom and self-builders, is far more encouraging for those who want to see structural problems with housing supply addressed. MAB has long suggested that custom build can provide the solution to a lack of housing stock in Britain*, as it mutually benefits builders, lenders and consumers alike and will stimulate development. It is good to see that policymakers are listening to the voice of industry, and we look forward to the scheme’s implementation.”