Savills Private Finance managing director Mark Harris has accused the Government of failing to deliver on providing affordable housing for first-time buyers.
Harris says there is too much talk and not enough action on helping FTBs. He believes the Government’s housing schemes are half-baked and should be open to far more people.
He is concerned that the housing market will stagnate if it does not have enough people coming in at the bottom.
Harris says: “I think that affordability has become an issue and the products and schemes the Government is backing need to be refined.
“It has got to stop saying how many hundreds of millions of pounds it is going to commit. It needs to get on with it and listen to people in the market who know what is needed.”
In April, Money Marketing revealed that fewer than 500 people took out a mortgage in the first six months of the Openmarket Homebuy scheme designed to help FTBs and key workers.
The Department for Communities and Local Government launched the scheme last October, with Advantage, Nationwide and Yorkshire Building Society as the original three members, with Halifax joining in March.