'Innovative ideas' can help FTBs

28th Mar 2012

The nation's first-time buyers (FTBs) would benefit from the introduction of innovative new ideas that can help to boost the number of people taking their first steps onto the housing ladder, it has been claimed.

Peter Bolton King, chief executive at the National Federation of Property Professionals (NFOPP), said it is a positive that some banks are offering to pay the stamp duty for first-timers.

Although lending has been getting "slightly easier" over the last couple of months, it is still difficult and it is not going to get "miraculously easier" any time soon, the expert noted.

The expert noted that the UK has always been good at coming up with innovative ideas on the financial and financial services side and this is needed in 2012.

"If lenders are able to come up with packages that help people get onto the first-time buyer ladder then obviously we would welcome any ideas that lenders might be able to come up with," Mr Bolton King noted.

He said is important not to "go mad", as the country does not want to go back to the times of "reckless lending", while it is also vital to ensure that consumers are not "overstretching themselves" and getting themselves into potential difficulty.

If any new ideas can be implemented that take these issues into consideration, it will be welcomed by FTBs and the market as a whole, the expert added.ADNFCR-1286-ID-801328426-ADNFCR

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