A LEADING estate agent today called on the Government to do more to kick-start the housing market.
Kevin Allitt, of Oyston’s Estate Agents says although it had picked up recently Blackpool’s housing market is in a “far worse” position than it was six years ago.
The Chartered Institute of Housing is calling for a new debate around affordability for first-time buyers.
Latest figures reveal access to a low-deposit mortgage is the main obstacle for first-time buyers while buy-to-let investors can also obtain interest-only mortgages which are 40 per cent lower than standard repayment mortgages.
Mr Allitt said: “The market is better than what is was this time last year, but it’s far worse than in 2006 or 2007.
“If the Government does not act it’s going to damage the market and something needs to be done which gets the economy moving.”
The Royal Institution of Chartered Surveyors (RCIS) said that with transactions down and affordable mortgage finance now harder to come by, homes are taking considerably longer to sell.
Mr Allitt added: “The Government has already started to tinker with the housing market, but what they have done is make things worse.
“They have introduced a first time buyers guarantee scheme where they will guarantee five per cent of the deposit on new builds.
“All the Government needs to do is to extend the scheme to the whole of the property market.”
John Halman, spokesman for the RCIS North West, added: “There is little upward pressure on activity or sales but fairly priced properties in good locations continue to sell.
“Confidence remains low and therefore transaction levels continue to be subdued.”