Support for first-time buyers

Nationwide Building Society has welcomed Shelter’s call for more affordable housing to be built to help young people buy their own homes.

Nationwide, which is a partner to Shelter, loaned a record number of mortgages to first-time buyers last year, but says more could be done to free up the market for people at the bottom of the property ladder.

Stephen Uden, Nationwide’s head of citizenship, says: “Nationwide is supporting young people by helping first-time buyers get a home of their own. Last year we provided 42,000 first-time buyer mortgages. However, a major factor stopping more people from buying is the low supply of affordable homes.

“We echo Shelter’s call for action to build more houses to boost the supply to first-time buyers. We have also called for the reintroduction of a stamp duty holiday for first-time buyers and the complete overhaul of the stamp duty system. This would be fairer to those buying their first home and would also encourage second steppers to move, freeing up more homes for people starting out.

“Last year, Nationwide pledged to help 750,000 people into a home of their own over five years, to 2017, and is working with Shelter to achieve this. We look forward to continuing that relationship in further support of first-time buyers.”