Zoopla fears first time buyers will struggle under Labour

Mon, 20 Apr 2015

Zoopla fears first time buyers will struggle under Labour
A top property website, Zoopla, has raised concerns about the future of the UK housing market if Ed Miliband is successful in the general election.

This is due to fears that Labour will "kill off" the schemes which have been introduced by the Conservatives, undoing the work which has been done so far.

There are numerous Help to Buy schemes in place, such as the Help to Buy ISA, which was announced in George Osborne's budget. The schemes are intended to help first-time buyers get onto the property ladder, because although many can afford mortgage repayments, they cannot afford the deposit to begin with.

The Help to Buy ISA scheme allows first-time buyers to receive £50 from the government each month, if they save £200 towards a deposit into their ISA. If they save the maximum of £12,000, the government will have supplied £3,000 to give a total of £15,000 for a deposit. It is believed that approximately 285,000 first-time buyers will make use of the Help to Buy ISA each year.

Zoopla is concerned that some banks may withdraw from the Help to Buy ISA if Labour come into power, due to the expected rule changes for deposits and lending. They said: "This could limit the support offered to aspiring first-time buyers, and eventually kill off the initiative."

Lawrence Hall, of Zoopla, said: "It seems likely that a Miliband win in May would have a negative impact on the UK housing market in the short to medium term."
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