Government support 'is needed in mortgage market'

Prospective homeowners require help from the government to ensure that they are able to get on the property ladder, one expert has suggested.

Katy John, spokesperson at the national campaign for affordable housing Pricedout.org.uk, stated that while the announcement of the Building Britain's Future initiative was a step in the right direction, more needed to be done.

She said: "The government needs to address the wider issues in the housing shortage… ensuring that those who are hoping to buy their first home are able to do so."

Ms John also recommended first-time buyers to be sure they are financially secure enough to make offers at current prices, or otherwise wait until they decrease.

Building more homes is of central importance, she remarked, and the government needs to maintain its target of three million new houses by 2020.

Under the Building Britain's Future proposals, 45,000 jobs will be created in the construction of 20,000 energy-efficient affordable residences.