First-time buyers need to be 'encouraged into market'

The government should be doing more so that first-time buyers can enter the property market, it has been suggested.

Katy John, press officer for PricedOut.org.uk - a national campaign for affordable house prices - noted that young people have had to deal with "extortionate prices" within the housing sector in the last ten years.

Housing minister Grant Shapps needs to "level the playing field" if he is serious about encouraging ambitious homeowners and investors, she added.

One measure that Ms John remarked could be introduced is ending the tax breaks enjoyed by property investors.

A swell on taxation of second and multiple homeownership is another policy that could be considered.

It was recently reported by John Charcoal, the leading independent mortgage company, that first-time buyers accounted for the smallest share of the mortgage market since December 2008.

Drew Wotherspoon, director of marketing at the group, stated that the 90% loan-to-value market needs to become more competitive.