UK Finance has made recommendations on how the government can reduce the housing shortfall of 4.3 million.
The report proposes that the current nil-rate band on Stamp Duty remains at £425,000, to help first-time buyers get on the property ladder. It calls for support for last-time buyers too, recommending a Stamp Duty exemption to make it more affordable to downsize. UK Finance also suggests improved access to shared ownership schemes.
The trade association commented, ‘The new government has acted quickly to encourage more housebuilding and ensure that affordable housing is a key part of its new targets. However, the progress needed will not be achieved without cooperation across the public and private sectors.’
Your home may be repossessed if you do not keep up repayments on your mortgage