U.K. Urged to Step Up Help for First-Time Homebuyers
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Britain’s government must do more to help first-time buyers get mortgages because it will boost the entire economy, said Steve Morgan, the founder and chairman of U.K. homebuilder Redrow Plc.
The state should provide insurance cover that enables banks to lend as much as 90 percent of a home’s value or give tax breaks to first-time buyers, Morgan said today at a property conference in Newport, Wales. The market won’t improve until more people can purchase their first home, helping other buyers and sellers complete transactions.