Chancellor Right to Consider Help for First Time Buyers


21st November 2011

Commenting on speculation that the Chancellor of the Exchequer may be considering introducing a Mortgage Indemnity Guarantee scheme for first time buyers in his Autumn Statement, Liz Cameron, Chief Executive of Scottish Chambers of Commerce, said:

'In many parts of Scotland, the housing market has been stagnant for some time, in large measure due to the fact that first time buyers are finding it increasingly difficult to get a foot on the property ladder. We all know that a first time purchase at the entry level of the market triggers a succession of moves further up the chain, resulting in increased business for retailers, tradesman and other providers of goods and services.  Backing first time buyers is therefore an essential part of kick starting the economy.

'In the light of this fact, we would welcome any moves by the Chancellor aimed at making it easier for first time buyers. The use of the Mortgage Indemnity Guarantee to underwrite first time purchases could be a useful tool in helping to boost the housing market and also business for retailers and SMEs supplying and serving the housing market.'

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