Budget 2015: BSA wants to see more help for buyers in the UK

Budget 2015: BSA wants to see more help for buyers in the UK

The 2015 Budget announcement will have a lot to live up to in terms of the property market. We're just one year removed from the moment when chancellor George Osborne announced the start of the Help to Buy scheme, which helped more than 100,000 people onto the property ladder in the first six months of its existence. 

Following such an impressive year, when Mr Osborne makes his announcement this coming Wednesday (March 18th), there will be much in the way of expectations. Not least of all from the Building Societies Association (BSA), which wants to see the government offering much more in the way of help for younger buyers.

The BSA has written to the chancellor to urge him to make young buyers a priority, stating that this group in particular needs help from a 'concerted effort' in order to make their path to home ownership easier to traverse. It said that the government has a ready-made way to put funding into this project. 

In its letter, the BSA stated that the capital raised from the sale of the NS&I 65+ Pensioner Bonds, estimated to reach £15 billion by the current closure date of 15 May, could be put aside on some level to make sure that the government can offset a large investment in the construction of affordable homes. 

"Using the money raised from the Pensioner Bonds to make affordable housing available to young people seems a neat way for a scheme that benefits those 65 and over, to also help younger people who face such a chronic shortage of affordable housing," said Robin Fieth, BSA chief executive.

On top of this, the BSA also wants the government to do more to support small and medium sized builders. It said that the current crop of builders is not large enough to support the bid to build enough homes to meet demand, and added that giving support to smaller companies could help to address this.