Help for First Time Home Buyers

According to recent estimates over 1.4m people are prevented from buying their first home in the UK because of the current state of the housing and lending market.

This petition calls for urgent Government to 'encourage' banks to offer more flexible mortgage terms with lower deposits. This could be done without financial risk or irresponsible lending.

In 2007 the average deposit needed to buy a property was £12,700. Today it is £31.500 - well over the national average wage. Last year (2010) 194,600 bought their first home, half the number from 2007.

The average age of a first time buyer without family support is 37.

This is causing massive stagnation throughout the whole of the UK property market with property sales down by two thirds (£135bn forecast for 2011 from £360bn in the peak a few years ago).

This petition calls for the setting of a cross-party committee and urgent Government action on a series of initiatives, for example:
- steps to increase house building,
- a government approved tenant-buyer scheme,
- pressure on backs to reduce deposits for first time buyers,
- special home-deposit savings accounts free of income tax,
- Government-secured or backed first time buyer loans, cross-generation lending and
- easing of stamp duty for second time buyers

Graham Phelps