Calls to ex­tend Newbuy scheme

Yorkshire Post - Property - - PROPERTY -

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.”

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