Rising house prices and banks less willing to lend have meant that young first time buyers have found it increasingly difficult to make the first step onto the property ladder. That is why today's news that the number of first time buyers is rising is to be welcomed, and I asked the Prime Minister about this today:
Will the Prime Minister join me in welcoming figures from the Council of Mortgage Lenders showing that the number of first-time buyers has hit a five-year high?
I certainly join my hon. Friend on that. This problem has dogged our economy over the last few years. No one wants us to go back to the 110% mortgages that we had during the boom times, but we need to make available to young people the chance of earning a decent salary to be able to buy a decent flat or house with a mortgage that does not require a massive deposit. That has not been possible for people in recent years, and I think that the Bank of England move on the funding for lending scheme—£80 billion—is now feeding through to the mortgage market and making available lower mortgages at a decent long-term rate. That is very important for our market.
It has been an honour and privilege to serve as Member of Parliament for Dover & Deal. I hope to be re-elected to serve our community for another term.
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