The Council of Mortgage Lenders (CML) is stating that affordable housing is imperative to the future health of the Welsh economy, following reports that the number of first-time buyers has fallen significantly.
Figures indicate that first-time buyer activity has recently fallen to the second lowest level since 1991, with only 4,300 first-time buyers having bought a home between July and September this year.
Speaking at the CML annual conference in Cardiff, CML Cymru chairman Mick McGuire raised the issue of housing affordability in Wales, citing it as a “key issue” for new buyers and suggesting that more be done on a policy level to resolve the problem.
“With fewer numbers of first-time buyers managing to get on the property ladder, the CML urges the Welsh Assembly government to look at innovative ways of helping those people who want to become homeowners to do so,” stated Mr McGuire.
“This could be done by encouraging low-cost home ownership or by expanding the HomeBuy scheme.”
Those looking for the best mortgage rate, including first-time buyers, are now searching a UK market with average house prices of over £200,000, according to the latest Land Registry figures.
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