05 Thus, it could be argued this is the time for a crossparty, but Government-backed, FTB support scheme, along with a strategic and long term plan to deliver more quality, and affordable housing on a national scale in both the private and social sectors. But, if this is not forthcoming in the short term (given we have had 16 Housing ministers since 2010 this is unlikely), who can we look to for innovation and action? Lenders would be my suggestion, many are already looking and acting in the FTB space with higher LTVs, moving up the risk curve for this cohort, boosting income multiples and adding in to affordability calculators as opposed to taking away, plus ideas as we saw last year with Lenders looking to help renters make that first step onto the housing ladder. So, it is great to see what Accord Mortgages are doing in this regard. The launch of their £5k Deposit Mortgage for FTBs is to be applauded, and their work through their ‘Growth Series’ on providing education and information on the overall FTB market can give you the tools to help in your advice proposition. I recently caught up with Jeremy Duncombe, Managing Director, and Gurpreet Chahal, Corporate Account Manager, for Accord Mortgages, to find out more about this new offering so let’s hear what they had to say... So, what to do? These statistics provide insights into the dynamics of the FTB market in the UK, highlighting both the challenges and opportunities faced by individuals looking to purchase their first home. Overall, the state of the FTB market in the UK, is clearly influenced by a combination of economic, regulatory and market factors. While Government initiatives and low interest rates provide some support for FTBs, affordability challenges and lending criteria constraints remain significant barriers for many individuals looking to purchase their first home. It is perhaps no exaggeration to claim we are in the midst of a housing crisis, with fewer people affording to buy a home, and more renters struggling to secure accommodation at a reasonable rent versus their income. Gurpreet Chahal Corporate Account Manager Jeremy Duncombe Managing Director
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