Calls to extend Newbuy scheme
MORE than half of potential buyers in Yorkshire are trapped in rented accommodation as they cannot afford to access the property market, according to the Royal Institution of Chartered Surveyors.
It says 58 per cent of wouldbe first time buyers are renting as they can’t get a foot on the property ladder and 22 per cent of those who do try fail to get adequate mortgage finance.
The RICS is calling for the government to extend its NewBuy scheme, which underwrites 95 per cent mortgages.
Peter Bolton King, RICS Global Residential Director, says: “RICS would like the government to consider a mortgage indemnity scheme that works for the whole market, not just new build.”