Bluestone Mortgages, comments on today's Autumn Budget - housing

30 October 2024

Ryan Davies, Strategy Director, Bluestone Mortgages, comments on the Chancellor’s Autumn Budget: “It’s welcome news to see the Chancellor’s commitment to boost the UK’s housing supply. The pledges for the provision of new homes through change is a good start. However, this needs to be combined with buying initiatives to help make homeownership a reality.

“Our own research found that nearly two fifths (37%) of first-time buyers said affordability is their main barrier to homeownership, while a third (34%) are struggling to raise a large enough deposit.1 This combined with the removal of the Help to Buy Scheme and lack of detail on the Mortgage Guarantee Scheme is putting an additional strain on first-time buyers who are already feeling the squeeze.

“Looking ahead, we would like to see greater collaboration between the government and the mortgage industry to support the root causes of the housing crisis. While housing stock is, and should be a priority for this government, equally important is providing innovative solutions that help buyers get onto the property ladder, as well as easing the affordability pressures that prospective buyers face.”